Kassahun enjoys listening to all types of music and owns countless CDs. Over the years, Kassahun 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, Kassahun served as a guest disc jockey on a local radio station. In addition, Kassahun has entertained at several friends’ parties as the host deejay. On June 1, 2016, Kassahun established a proprietorship known as Music Depot. Using an extensive collection of music CDs, Kassahun will serve as a disc jockey on a fee basis for weddings, college parties, and other events. During June, Kassahun entered into the following transactions: June 1. Deposited $8,000 in a checking account in the name of Music Depot. 2. Received $2,400 from a local radio station for serving as the guest disc jockey for June. 2. Agreed to share office space with a local real estate agency, Upstairs Realty. Music Depot will pay one-fourth of the rent. In addition, Music Depot agreed to pay a portion of the salary of the receptionist and to pay one-fourth of the utilities. Paid $750 for the rent of the office. 4. Purchased supplies (blank CDs, poster board, extension cords, etc.) from City Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2016. 6. Paid $600 to a local radio station to advertise the services of Music Depot twice daily for two weeks. 8. Paid $500 to a local electronics store for renting digital recording equipment. 12. Paid $250 (music expense) to Cool Music for the use of its current music demos to make various music sets. 13. Paid City Office Supply Co. $100 on account. 16. Received $400 from a dentist for providing two music sets for the dentist to play for her patients. 22. Served as disc jockey for a wedding party. The father of the bride agreed to pay $1,350 the 1st of July. 25. Received $500 from a friend for serving as the disc jockey for a cancer charity ball hosted by the local hospital. 29. Paid $240 (music expense) to Galaxy Music for the use of its library of music demos. 30. Received $1,000 for serving as disc jockey for a local club’s monthly dance. 30. Paid Upstairs Realty $400 for Music Depot’s share of the receptionist’s salary for June. 30. Paid Upstairs Realty $300 for Music Depot’s share of the utilities for June. 30. Determined that the cost of supplies on hand is $170. 30. Paid for miscellaneous expenses, $150. 30. Paid $800 royalties (music expense) to National Music Clearing for use of various artists’ music during the month. 30. Withdrew $200 of cash from Music Depot for personal use. Instructions
Indicate the effect of each transaction and the balances after each transaction, using the accounting equation
Prepare an income statement for Music Depot for the month ended June 30, 2016.
Prepare a statement of owner’s equity for Music Depot for the month ended June 30, 2016.
Prepare a balance sheet for Music Depot as of June 30, 2016, and cash flow statement
accounting courses
please help me
please help me

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