Description
file Attached please find Quiz02. The quiz is in two parts. Part 1 consists of a General Journal. The Quiz problem is to record the transactions for a company called PS Music Company for the month of June. This work is exactly like the in-class assignment that we did during class Thursday and the homework that was due yesterday.
Once you have completed Part 1, goto part 2. This part requires you to post the journalized business transactions to "T" accounts and determine the balance of each account.
This Quiz is due by Monday evening and we will discuss the general journal and "T" from the quiz in class on Tuesday. If you have any difficulty or have questions please contact me by email, phone, or text.
Once again, this is an assignment that everyone should be in the 85-100 percent range. Once again, if you are having difficulty getting to this point, it is important that you give me a call.
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Explanation & Answer
Hi,Please find attached the proposed answer.Do not hesitate to contact me if you have question or want to discuss the proposed answers.Thank you,
INSTRUCTIONS :
PART 1. Based on the following fact pattern and data, journalize the transactions of
the PS Music Company for the month of June.
Part 2. Complete and balance "T" Accounts for each account
listed in the chart of accounts.
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, served as a guest disc jockey on a local radio station. In addition,
Peyton has entertained at several friends' parties as a guest DJ.
On June 1, 20Y5, Peyton established a corporation known as PS Music. Using an extensive
collection of music MP3 files, Peyton will serve as a DJ on a fee basis for weddings, parties, and
other events. During June, Payton entered into the following transactions:
Date
Description
1-Jun Deposited $4,000 in...