The unadjusted trial balance of PS Music as of July 31, 2018,along with the adjustment data for the two months ended July 31,2018, are shown in Chapter 3. Based upon the adjustment data, thefollowing adjusted trial balance was prepared:

PS Music

ADJUSTED TRIAL BALANCE

July 31, 2018

	ACCOUNTTITLE	DEBIT	CREDIT
1	Cash	9,945.00
2	Accounts Receivable	4,150.00
3	Supplies	275.00
4	Prepaid Insurance	2,475.00
5	Office Equipment	7,500.00
6	Accumulated Depreciation-Office Equipment		50.00
7	Accounts Payable		8,350.00
8	Wages Payable		140.00
9	Unearned Revenue		3,600.00
10	Common Stock		9,000.00
11	Dividends	1,750.00
12	Fees Earned		21,200.00
13	Wages Expense	2,940.00
14	Office Rent Expense	2,550.00
15	Equipment Rent Expense	1,375.00
16	Utilities Expense	1,215.00
17	Music Expense	3,610.00
18	Advertising Expense	1,500.00
19	Supplies Expense	925.00
20	Insurance Expense	225.00
21	Depreciation Expense	50.00
22	Miscellaneous Expense	1,855.00
23	Totals	42,340.00	42,340.00

Required:

1.	(Optional) Using the data fromChapter 3, prepare an end-of-period spreadsheet on a sheet of paperor using spreadsheet software.
2.	Prepare an income statement, aretained earnings statement, and a balance sheet.*
3.	A. Journalize the closing entries.Refer to the Chart of Accounts for exact wording of accounttitles. B. Post the closing entries. Theincome summary account is #34 in the ledger of PS Music. Indicateclosed accounts by inserting a 0 (zero) in either of the Balancecolumns opposite the closing entry. No entry is required in theItem column.
4.	Prepare a post-closing trialbalance. * For guidance in completing thefinancial statements, be sure to read the instructions above eachstatement carefully.