ACCOUNTiNG ICORPORATE COLLEGE SERVICES, INC.HANDOUT 3.011FINAL PROJECT1. Groups should follow Instruction #2, pp. 207 208, and post the journal to a ledgerof four-column accounts using General Ledger handout.—In a tencnn-warkhetLi22Dec-14Chapter 4207Completing the Accounting Cycle-Depreciation of office equipment for April is $400.d. Accrue receptionist salary on April 30 is $275.e. Rent expired duringApril is $2,000.f. Unearned fees on April3Q are $2,350.-‘bnce on an end-of-period spreadsheet (work5. (Optional.) Enter the unadjustedsheet) and complete the spreadhet.6. Journalize and post the adjusting entries. Reord the adjusting entries on Page 3 ofthe journal.rf7. Prepare an adjustedtial balance.8. Prepare an in9nstatement, a retained earnings statement, anlance sheet.9. Prepare an,Vpost the closing entries. Record the closing entries on Page 4 of thejournal,(T’ncome Summary is account #34 in the chart of accounts.) Indicate closedaccoyts by inserting a line in both the Balance columns opposite the closing entry.,10. Rrpare a post-closing trial balance.Continuing Problem24%j‘V 2. Net income:The unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment“Uata for the two months ended July 31, 2014, are shown in Chapter 3. Based UC)fl theadjustment data, the adjusted trial balance shown below was prepared.7/PS MusicAdjusted Trial BalanceJuly 31,2074$4,955DebitBalancesCreditBalances9,9454,150275CashAccounts ReceivableSuppliesPrepaid InsuranceOffice EquipmentAccumulated Depreciation—Office EquipmentAccounts PayableWages PayableUnearned RevenueCapital StockDividendsFees EarnedMusic ExpenseWages ExpenseOffice Rent ExpenseAdvertising ExpenseEquipment Rent ExpenseUtilities ExpenseSupplies ExpenseInsurance ExpenseDepreciation ExpenseMiscellaneous Expense2,4757,500508,3501403,6009,0001,75021,2003,6102,9402,5501,5001,3751,215925225501,85542,34042,340Instructionss14eet—V2. Prepare an income statement, a retained earnings statement, and a balance sheet.—6 f €1-(Continued)

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