Reference no: EM132671581

Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages.

• During the last several months, Peyton served as a guest disc jockey on a local radio station. In addition, Peyton has entertained at several friends' parties as the host deejay.
• On June 1, 2019, Peyton established a proprietorship known as PS Music. Using an extensive collection of music MP3 files, Peyton will serve as a disc jockey on a fee basis for weddings, college parties, and other events. During June, Peyton entered into transactions that were posted to the accounting equation grid in Part 1 of this problem.

Problem 1: Give an income statement for PS Music for the month ended June 30, 2019.

Problem 2: Give a statement of owner's equity for PS Music for the month ended June 30, 2019.

Problem 3: What is the balance sheet for PS Music as of June 30, 2019.