The unadjusted trial balance of ps music as of july 31, 2016, along with the adjustment data for the two months ended july 31, 2016, are shown in chapter 3. based upon the adjustment data, the following adjusted trial balance was prepared:

1. (optional) using the data from chapter 3, prepare an end­of­period spreadsheet on a sheet of paper or using spreadsheet software. 2. prepare an income statement, a retained earnings statement, and a balance sheet.* 3. a. journalize the closing entries. refer to the chart of accounts for exact wording of account titles. b. post the closing entries. the income summary account is #34 in the ledger of ps music. indicate closed accounts by inserting a 0 (zero) in either of the balance columns opposite the closing entry. no entry is required in the item column. 4. prepare a post­closing trial balance. * for guidance in completing the financial statements, be sure to read the instructions above each statement carefully. instructions ps music adjusted trial balance account title debit credit 1 cash 9,945.00 2 accounts receivable 4,150.00 3 supplies 275.00 4 prepaid insurance 2,475.00 5 office equipment 7,500.00 6 accumulated depreciation-office equipment 50.00 7 accounts payable 8,350.00 8 wages payable 140.00 9 unearned revenue 3,600.00 10 common stock 9,000.00 11 retained earnings 12 dividends 1,750.00 13 income summary 14 fees earned 21,200.00 15 wages expense 2,940.00 16 office rent expense 2,550.00 17 equipment rent expense 1,375.00 18 utilities expense 1,215.00 19 music expense 3,610.00 20 advertising expense 1,500.00 21 supplies expense 925.00 22 insurance expense 225.00 23 depreciation expense 50.00 24 miscellaneous expense 1,855.00 25 totals 42,340.00 42,340.00

chart of accounts ps music general ledger assets 11 cash 12 accounts receivable 14 supplies 15 prepaid insurance 17 office equipment 18 accumulated depreciation­office equipment liabilities 21 accounts payable 22 wages payable 23 unearned revenue equity 31 common stock 32 retained earnings 33 dividends 34 income summary revenue 41 fees earned expenses 50 wages expense 51 office rent expense 52 equipment rent expense 53 utilities expense 54 music expense 55 advertising expense 56 supplies expense 57 insurance expense 58 depreciation expense 59 miscellaneous expense

labels

cash flows from financing activities. cash flows from investing activities. cash flows from operating activities. current assets. current liabilities. expenses for the two months ended july 31, 2016 july 31, 2016. property, plant, and equipment. amount descriptions. add dividends. decrease in retained earnings. increase in retained earnings. net decrease in cash during june and july. net increase in cash during june and july. less dividends. net income. net loss retained earnings, june 1, 2016 retained earnings, july 31, 2016. total assets. total current assets. total expenses. total liabilities. total liabilities and stockholders’ equity. total property, plant, and equipment. total stockholders’ equity. labels and amount descriptions. income statement.

refer to your answers from chapter 1, parts 1 and 2 to complete this part. prepare a retained earnings statement for ps music for the month ended june 30, 2018. if an amount is zero, enter in a "0". if a net loss is incurred or there is a decrease in retained earnings, enter that amount as a negative number using a minus sign.