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  • PS Music

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    KodwoP
    118 Ansichten7 Seiten
    accounting for dee jaying biz.

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    accounting for dee jaying biz.

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    118 Ansichten7 Seiten

    PS Music

    Hochgeladen von

    KodwoP
    accounting for dee jaying biz.

    Copyright:

    © All Rights Reserved
    Als DOCX, PDF herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 7
    YL Netincome: exten Sith enjors listening to all types of music and owns countless CDs. Over the S30 ‘at, Peyion har gained « local epuntion for kncnredge cf rouie for chen fo mp {nd the ability to put together sets of recodegs that appeal te all ages. ‘During the last several months, Peyton served ax 4 guest lac jockey on a local radio stain hen, Peyton es citesistcl ot several feed? penis te bee dope. ‘on June 1, 2014, Peyton estbished a corporation Known as Ps Music. Using an ex- tensive collection of muni MP3 Fes, Peyton will serve ar dic jockey on a fee bare for weddings, cllege panics, and other events. During June, Peyton entered Into the fellowing tnascions June 1. Depupied $4,000 in checking account in the mame of PS Masi in exchange for ‘apa stock. Reccvel $3,500 Gu Racal tnd oat i crv bth iat foc Gr June. AAprealto shite office space widh a local rel tate apcacy, Piamacle Healy FS Musi wil pay cne-farth of thereat In addticn, PS Music azreed to pay 4 por Sion of he aly of te scecetiondat aed tx py one-Routh of the wt ail 5800 for the rent of the face 4. Purchased supplies from City OfFce Supply Co. For $350. Agrced to pay $100 ‘within 10 days and the remainder by July 5.2014 6. Paid $500 ta Toa alo station to aver the services of PS Man twice dally fer mo wesks 18. Paid $675 vo a local ccronis store for renting dighal recording cqulpmican. 112 Paid $350 (music expense t9 Col Mak ortho uce oft cureent mu: deme {so make various msc set 13, Pad City Office Supply Co. $100 o0 account 16. Received $300 from 2 dents for providing two muse sets forthe dentist to play fer her patent 22, Served as dic jockey fora wedding party: he father ofthe bide agreed to pay $1,000 in Jub Received $500 for serving asthe disc jockey fr a cance: chit ball hosted by tte local empl, Paid $240 music expense to Galary Musi fe the us fits Hbrary of muse demos. Receive! $900 foe serving ux PS dc jockey fer local cis monty dance Paid Pianale Realey $400 fo PS Mac share ofthe receptionist salary for dune: Paid Pinnacle Realty §309 fer PS Alasices share ofthe wiles fr Jane Determined thatthe cost of supplies on hand $170. Therefore the cost of up ‘plies used daring the monsh war $180 Paid for mscellancous expenses, $415, Paid $1,000 royals (enue pense 10 National Music Cleating for uoe of ach us artists’ musie dun the menih. 30. Paid dvkdcads of $500, BE 28 Bee Instructions A ba a nck ne ic ai cron ttn the followine tabular headings Ate = Unies Stoctholor Equty ‘ee Eauiment ects count Copal eee Mac Rane Rent Abertiing Wages ule Sopp Me ‘ath ees Suppice— Pole + Sek — Oniends aed —Ep — Gop — Ep Ep bp Ep Em bap 12 Propare an income statement for PS Music fr the moath ended June 39, 2014 43. Prepare a retzined exrnings statement for PS Afusic for the month ended June 30, 201s. 44 Prepare a balance sheet for PS Muic as of June 30, 2016. A Total of Debit ‘lum: 50,750 <=> “The tmaneactione completed by PS Music daring Jane 2014 ware descrbed atthe end of Ghapter 1 The fllowing transactions were completed daring July, dhe eecond month oF the businca’s operations: July 1 1 3. ejéen Sith mide an adie inva in PS Mic in ceca foe capil tock by depositing $5,000 in PS Mice chedeing account {stead of contining to share office space wha local real esate agency, Peyton decided to rent cffice space near local music store. Pad ret fr July, $1,750. Paid 2 promiont of $2700 for a cemprchemive insurance policy covering Ibi By, theft and fire: The policy covers one-yeur pie Received $1,000 on account. On belulf of PS Muste, Peyton signed a coetact with 2 local radio station, HXMD, 1o provide sues spots forthe next er months. The contact requires PS Musi provide a guest disc jockey fo 80 hours per month fora monthly fee of $5,600. Any additional hours beyond 80 wil be billed to KXMD at $40 per hour In accordance with the contrac, Peyton received $7,200 from KXMD 25 an advance payment for the fist two mnths. Paid $250 on account Paid an atiomey $900 for reviewing the July 3 contract with KXMD. (econ as Miscellaneous Expense.) Purchased office equipment of account fran Office Mart, $750, Paid fora newspaper advertisement $200, eceived $1,000 for serving 38 disc Jockey for x party Paid $700 toa local audio clectonics store for rental of digital records eauip aid wages of $1,200 1 receptionist and partume assistant tor the following transactions ow Page 2 ofthe teo-column journal. Jilly 16. Recefved $2,000 for terving ara dac jockey for a wedding ception. 18. Purchased supplies on accctnt, $850. 21. Paid $620 to Upload Music For use of fs current nmi dames in making vast fone msc set 22, Paid $500 10 s local ray station t advertise the services of PS Music twice dally forthe remainder of July. 23, Served as dis jockey fora party for $2,500, Received $750, with the remainder due August 4, 2034 27. Pald electric bill, 8915, 28, Paid wages of $1,200 to eeeptionist and part-time assistant. 29, Paid miscellaneous expenses, $540. 0. Served a a disc jockey for 1 chasiy bal for $1,500. Received $500, with the remainder due on August 9, 2014 BL. Received $3,000 for serving asa dsc jockey fora party. 31. Pald $1,400 royals (music expense) to National Music Cleaing for use of ‘ratlous artsts muse during July 31. Paid dividends of $1250. PS Music's chart of accounts and the balance of accounts as of July 1, 2014 Gall normal balinces), areas follows: 1 ach 0 1 FeocEarad +6200 12 Accounts Receivable 1.00 50 Wages perce ‘00 14 Supplies 70 51 offs Rent Expense 00 15 repaa nsuance = 52 Equypment Rent expense ms 17 Ofc Euipment = 53 Uultes epee 300 2 decounts Pape x0 4 Mack Expense 1500 12 UneomedRevende = 55 Advertsing Expense 00 531 capialscock 4000 56 Supplesexpence 180 18 Divcence 00 59 Niscelaneous Expense ns Instructions 1 Enter the july 1, 2014, account balances in the appropriate lance column of a four columa account! Write Balence in the Item column, and place a check mak (7) in the Posung Keference column. (ent: Verfy the equalty of the debit and credit bahinces In the ledger before proceeding with the next insruction) Analyze and jurnalize each trantaction in aro column journal beginalng ox Page 1, fomiting jourzal entry explanations. ost the journal o the ledger, extending the account balance to the appropriate bal- ance column after eich posting. Prepare an unadjusted trial balance as of July 31, 2014. YR Tot ofDebit The unadjusted tral halance that you prepared for PS Music at the end of Chapter 2 ‘ohenn:$42340° should appear as shown on the fllowing page

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