Question

erjoys listening to all types of music and owns countless CDs, Over the years, peyton has gained a local reputation for knowledge of and the ablity to put together sets of recordings that appeal to all ages. During the last several months, Peyton served as a guest disc jockey radlo station. on a local radlo station. In addition, Peyton has entertained at several friends' parties as the host deejay 20YS, Peyton established a corporation known as PS Music. Using an extensive collection of music MP3 fles, Peyton will serve as a disce Jockey jockey on a fee basis for weddings, college parties, and other events. During June, Peyton entered into the following transactions: June Deposited $4 in the name or PS MUsIcN 2. Received $3,500 from a local radio station for serving as the guest disc jpockey for June one-fourth of the rent In adition, P5 Music agreed to pay e portion f te w Agreed to share office space with a local real estate agency Pinnacle Realty. PS Music willi pay wages of the receptionist and to pay one-fourth of the utilities. Paid $800 for the rent of the 4. Purchased supplies from City Ofmice Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July s, 20Ys $500 to a local rodio station to advertise the services of PS Music twice daiy 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 13. Paid City Office Supply Co.$100 on account. 16. Recelived $300 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 $240 (music expense) to Galaxy Music for the use of its library of music demos 30. Recelived $900 for serving as PS disc jockey for a local club's monthly dance. 30. Pald Pinnacle Reality $400 for PS Music's share of the receptionist's wages for June 30. Paid Pinnacle Realty $300 for PS Music's share of the utilitlies for June. 30. Determined that the cost of supplies on hand is $170. Therefore, the cost of supplies used during the month was $180 30. Paid for miscelaneous expenses, $415. 0.Paid $1,000 royalties (music expense) to National Music Clearing for use of various artists' music during 30. Pald dividends, $500. Required: Indicate the effect of each transaction and the balances after each transaction, Enter deductions and negative values (withdrawals and expenses) as nega transactions occurring on the same date, enter in the order shown above.

Answer 1

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								Income Statement
		Cash	Accounts Receivable	Supplies	Accounts Payable	Common Stock	Retained Earning	Income	Expense	Net Income
Jun 1		$    4,000				$               4,000	$                        -			$              -
Jun 2		$    3,500					$                  3,500	$    3,500		$        3,500
Jun 2		$      -800					$                    -800		$       800	$          -800
Jun 4				$      350	$                      350		$                        -			$              -
Jun 6		$      -500					$                    -500		$       500	$          -500
Jun 8		$      -675					$                    -675		$       675	$          -675
Jun 12		$      -350					$                    -350		$       350	$          -350
Jun 13		$      -100			$                     -100		$                        -			$              -
Jun 16		$       300					$                     300	$       300		$           300
Jun 22			$                        1,000				$                  1,000	$    1,000		$        1,000
Jun 25		$       500					$                     500	$       500		$           500
Jun 29		$      -240					$                    -240		$       240	$          -240
Jun 30		$       900					$                     900	$       900		$           900
Jun 30		$      -400					$                    -400		$       400	$          -400
Jun 30		$      -300					$                    -300		$       300	$          -300
Jun 30				$     -180			$                    -180		$       180	$          -180
Jun 30		$      -415					$                    -415		$       415	$          -415
Jun 30		$   -1,000					$                 -1,000		$    1,000	$       -1,000
Jun 30		$      -500					$                    -500			$              -
Total		$    3,920	$                        1,000	$      170	$                      250	$               4,000	$                     840	$    6,200	$    4,860	$        1,340