Question

Part 1: (Done) Needs to be used as a reference for Part 3.

Adjusting Entries:

Date	Account title and Explanation	Post ref.	Debit	Credit
July 31	Accounts receivable	12	$1,400
	Fees Earned [(115-80) x $40]	41		$1,400
	[To record accrued fees earned]
July 31	Supplies expense [1,020-275]	56	$745
	Supplies	14		$745
	[To record supplies expense]
July 31	Insurance expense [2,700/12]	57	$225
	Prepaid insurance	15		$225
	[To record insurance expense]
July 31	Depreciation expense	58	$50
	Accumulated depreciation- office equipment	18		$50
	[To record depreciation expense]
July 31	Unearned revenue	23	$3,600
	Fees earned	41		$3,600
	[To record fees earned from unearned revenue]
July 31	Wages expense	50	$140
	Wages payable	22		$140
	[To record accrued wages]

Continuing Problem
Chapter 3 - Instruction #3

Refer to the spreadsheet you updated in Chapter 3 Part 2 to prepare an adjusted trial balance.

Note: Be sure to save this part with a screenshot or print it out. You will need to refer to your adjusted trial balance to complete the financial statements in Chapter 4 Part 1 of the continuing problem.

If an amount box does not require an entry, leave it blank.

PS Music Adjusted Trial Balance July 31, 2019
	Debit Balances	Credit Balances

Answer 1

PS Music Adjusted Trial Balance July 31, 2019 Debit Balance Credit Balance Accounts receivable 1400 Fees Earned 5000 Supplies expense 745 Supplies 745 Insurance expense 225 Prepaid insurance 225 Depreciation expense Accumulated depreciation- office equipment 50 Unearned revenue 3600 Wages expense 140 Wages payable 50 140 Total 6,160.00 6,160.00