Reference no: EM132592898

PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows:

11       Cash                 $3,920

41      Fees Earned       $6,200

12   Accounts Receivable  1,000

50     Wages Expense        400

14          Supplies             170

51  Office Rent Expense    800

15   Prepaid Insurance        -

52 Equipment Rent Expense  675

17 Office Equipment               -

53  Utilities Expense           300

21   Accounts Payable         250

54 Music Expense           1,590

23 Unearned Revenue           -

55 Advertising Expense        500

31 Peyton Smith, Capital     4,000

56 Supplies Expense          180

32 Peyton Smith, Drawing  500

59 Miscellaneous Expense 415

Question 1: Review the spreadsheet and notice that the July 1, 2019, account balances have been entered in the appropriate balance column of the four-column accounts. The word Balance has been entered in the Item column, and a check mark (√) has been entered in the Posting Reference column.