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3. Total of Debit column: $42,340 The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should
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PS Music
Workings for adjustment entries: Amount $ Note
Total hours        115.00 A
Less: Monthly cap          80.00 B
Excess hours          35.00 C=A-B
Rate per hour          40.00 D
Revenue     1,400.00 E=C*D
Add: Monthly fee     3,600.00 F
Fees earned     5,000.00 G=E+F
Supplies in trial     1,020.00 H
Less: Supplies on hand        275.00 I
Supplies expense        745.00 J=H-I
Yearly insurance     2,700.00 K
Monthly insurance        225.00 L=K/12
Unearned revenue for 2 months     7,200.00 M
Earned revenue for 1 month     3,600.00 N=M/2
Adjustment entries:
Date Account Post Ref Debit $ Credit $ Note
31-Jul Accounts Receivable            5,000.00 See Note G
Fees Earned 5,000.00
31-Jul Supplies expense               745.00 See Note J
Supplies       745.00
31-Jul Insurance expense               225.00 See Note L
Prepaid Insurance       225.00
31-Jul Depreciation expense                 50.00 This is already provided in the problem.
Accumulated Depreciation- Office equipment         50.00
31-Jul Unearned revenue            3,600.00 See Note N
Fees Earned 3,600.00
31-Jul Wages expense               140.00 This is already provided in the problem.
Wages Payable       140.00
Adjusted Trial Balance Unadjusted Adjustments Adjusted
Account Titles Debit Credit Debit Credit Debit Credit
Cash            9,945.00        9,945.00
Accounts Receivable            2,750.00 5,000.00        7,750.00
Supplies            1,020.00        745.00           275.00
Prepaid Insurance            2,700.00        225.00        2,475.00
Office Equipment            7,500.00        7,500.00
Accumulated Depreciation- Equipment           50.00             50.00
Accounts Payable            8,350.00        8,350.00
Unearned revenue            7,200.00 3,600.00        3,600.00
Wages Payable        140.00           140.00
Common Stock            9,000.00        9,000.00
Dividends            1,750.00        1,750.00
Fees Earned         16,200.00     8,600.00      24,800.00
Wages expense            2,800.00       140.00        2,940.00
Office rent expense            2,550.00        2,550.00
Equipment rent expense            1,375.00        1,375.00
Utilities expense            1,215.00
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