Question

Ule Peyton Smith enjoys listening to all types of music and owns countless US UV years, Peyton has gained a local reputation for knowledge of music from classical to map and the ability to put together sets of recordings that appeal to all ages. During the last several months, Peyton served as a guest disc jockey on a local radio station. In addition, Peyton has entertained at several friends' parties as the host deejay On June 1, 2019, Peyton established a proprietorship known as PS Music. Using an extensive collection of music MP3 files, Peyton will serve as a disc jockey on a fee basis for weddings, college parties, and other events. During June, Peyton entered into the following transactions: June 1. Deposited 4.000 in a checking account in the name of PS Music 2. Received $3.500 from a local radio station for serving as the guest disc jockey for June. 2. Agreed to share office space with a local real estate agency, Pinnacle Realty. PS Music will pay one-fourth of the rent. In addition, PS Music agreed to pay a por tion of the wages of the receptionist and to pay one fourth of the utilities. Paid $800 for the rent of the office. 4. Purchased supplies from City Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2019. 6. Paid $500 to a local radio station to advertise the services of PS Music twice daily for two weeks. 8. Paid $675 to a local electronics store for renting digital recording equipment 12. Paid $350 (music expense) to Cool Music for the use of its current music demos to make various music sets. 13. Paid City Office Supply Co. $100 on account. 16. Received $500 from a dentist for providing two music sets for the dentist to play for her patients 22. Served as disc jockey for a wedding party. The father of the bride agreed to pay $1.000 in July 25. Received $500 for serving as the disc jockey for a cancer charity ball hosted by the local hospital 29. Paid $210 (music expense) to Galaxy Music for the use of its library of music demos 30. Received $900 for serving as PS disc jockey for a local club's monthly dance 30. Paid Pinnacle Realty 100 for PS Music's share of the receptionist's wages for June 30. Paid Pinnacle Realty $500 for PS Music's share of the utilities for June 0. Determined that the cost of supplies on hand is $170. Therefore, the cost of sup plies used during the month was SINO 0 Paid for micellaneous UN $ 15. O Paid $1.000 rus ( Opon Natal Music Cleaning for use of an O artist christe li $500 of ash frums Music for personale Instructions I Indicate the effect of each transaction and the balances after each transaction using Assets Uabilities - Owner's Equity

Answer 1

+ + + + + + + + 350 + + + 350 + + PS Music Assets = Liabilties + Owners Equity Accounts Accounts Peyton Smith, Peyton Smith, Fees Music Rent Advertising Wages Utilities Supplies Misc Date Cash Receivable Supplies - Payable + Capital - Drawing + Earned - Exp Exp Exp Exp Exp Exp Exp 1-Jun 4,000 4,000 2-Jun 3,500 + 3,500 Bal 7,500 4,000 + 3,500 - 2-Jun (800) 800 Bal 6,700 4,000 + 3,500 800 4-Jun 350 Bal 6,700 350 = 350 4,000 + 3,500 800 6-Jun (500) 500 Bal 6,200 4,000 + 3,500 800 500 8-Jun (675) 675 Bal 5,525 4,000 + 3,500 - - - 1,475 500 12-Jun (350) Bal 5,175 350 = 350 + 4,000 + 3,500 - 350 1,475 500 13-Jun (100) (100) + Bal 5,075 250 + 4,000 - + 3,500 - 350 1,475 500 16-Jun 300 + 300 Bal 5,375 250 + 4,000 - + 3,800 - 350 1,475 500 22-Jun 1,000 + 1,000 Bal 5,375 1,000 4,000 - + 4,800 - 350 1,475 500 25-Jun 500 +' 500 Bal 5,875 1,000 250 + 4,000 - + 5,300 - 350 1,475 500 29-Jun (240) 240 Bal 5,635 1,000 250 4,000 + 5,300 - 590 1,475 500 30-Jun 900 + 900 Bal 6,535 1,000 250 + 4,000 + 6,200 - 590 1,475 500 30-Jun (400) 400 Bal 6,135 1,000 250 4,000 + 6,200 - 590 1,475 500 400 30-Jun (300) 300 Bal 5,835 1,000 350 = 250 + 4,000 - + 6,200 - 590 1,475 500 400 300 30-Jun (180) = 180 Bal 5,835 1,000 170 = 250 + 4,000 + 6,200 - 590 1,475 500 400 300 180 - 30-Jun (415) 415 Bal 5,420 1,000 170 = 4,000 - + 6,200 - 590 1,475 500 400 180 415 30-Jun (1,000) - 1,000 Bal 4,420 1,000 170 = 250 + 4,000 - + 6,200 - 1,590 1,475 500 400 300 180 415 30-Jun (500) 500 + Bal 3,920 250 + 4,000 - 500 + 6,200 - 1,590 1,475 500 400 300 180 415 + + + + + + + + + + + 300 + + + 1,000