Question Details

Music Depot
adjusted trial balance
July 31, 2010

							Debit			Credit

Cash							12,780
Accounts Receivable				 3,150
Supplies					         850
Prepaid Insurance				 2,700
Office Equipment				  5,000
Accounts Payable							5,680
Unearned Revenue							7,200
Lee Change, Capital				                         10,500	
Lee Chang, Drawing				     1,700				
Fees Earned				         		             15,300
Wages Expense						 2400
Office Rent Expense					 2750
Equipment Rent Expense				 1100			
Utilities Expense					   860
Music Expense						2810
Advertising Expense					1600
Supplies Expense					   180
Miscellaneous Expense					   800                               ____________
                                                                                                     38,680		            38,6810

The data needed to determine adjustments for the two-month period ending July 31, 2020, are as follows:
a.	During July, Music Depot provided guest disc jockey- for WHBD for a total of 120 hours. For information on the amount of the accrued revenue to be billed to WHBD, see the contract described in the July 3, transaction at the end of Chapter 2.
b.	Supplies on hand at July 31, $175.
c.	The balance of the prepaid insurance account relates to the July 1, 2010, transaction at the end of Chapter 2.
d.	Depreciation of the office equipment is 460.
e.	The balance of the unearned revenue account relates to the contract between Music Depot and WHBD, described in the July 3, 2010, transaction at the end of Chapter 2. 
f.	Accrued wages as of July 31, 2010, were $120.

Instructions
1.	Prepare adjusting journal entries. You will need the following additional accounts:
18 Accumulated Depreciation-Office Equipment
22 Wages Payable
57 Insurance Expense
58 Depreciation Expense
2.	Post the adjusting entries, inserting balances in the accounts affected.
3.	Prepare an adjusted trial balance.

Music Depot provided a guest disc jockey for 80 hrs per month for a monthly fee of $3600. Any additional hrs beyond 80 will be billed to WHBD at $40 per hour.

July first paid a premium of $2700. For comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period.

I put dep exp equip 60 dr, accum dep equip cr 60, wages payable 120 cr, ins exp 2700 cr, supplies 175 cr, serv revenue 1600 cr..I am off dr side 38,740 cr 43,335 what did I do wrong I need help!!!!



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