Answer:
PS Music
1. End of Period Spreadsheet
13 Income Summary (Temporary accounts)
14 Fees Earned                      21,200.00
15 Wages Expense                 2,940.00
16 Office Rent Expense         2,550.00
17 Equipment Rent  Expense  1,375.00
18 Utilities Expense                 1,215.00
19 Music Expense                  3,610.00
20 Advertising Expense       1,500.00
21 Supplies Expense               925.00
22 Insurance Expense           225.00
23 Depreciation Expense        50.00
24 Miscellaneous Expense 1,855.00
Statement of Retained Earnings (Temporary accounts)
11 Retained Earnings
12 Dividends                       1,750.00
Balance Sheet (Permanent accounts)
1 Cash                                       9,945.00
2 Accounts Receivable            4,150.00
3 Supplies                                   275.00
4 Prepaid Insurance                2,475.00
5 Office Equipment                 7,500.00
6 Accumulated Depreciation
-Office Equipment                                          50.00
7 Accounts Payable                                  8,350.00
8 Wages Payable                                          140.00
9 Unearned Revenue                              3,600.00
10 Common Stock                                   9,000.00
11 Retained Earnings
2. PS Music
Income Statement for the year ended July 31, 2016
14 Fees Earned                                        $21,200.00
15 Wages Expense               $2,940.00
16 Office Rent Expense         2,550.00
17 Equipment Rent  Expense  1,375.00
18 Utilities Expense                 1,215.00
19 Music Expense                  3,610.00
20 Advertising Expense       1,500.00
21 Supplies Expense               925.00
22 Insurance Expense           225.00
23 Depreciation Expense        50.00
24 Miscellaneous Expense 1,855.00   $16,245.00
Net income                                             $4,955.00
Statement of Retained Earnings for the year ended July 31, 2016
11 Retained Earnings
Net income                      $4,955.00
12 Dividends                       1,750.00
Retained Earnings          $3,205.00
Balance Sheet as of July 31, 2016
1 Cash                                       9,945.00
2 Accounts Receivable            4,150.00
3 Supplies                                   275.00
4 Prepaid Insurance                2,475.00
Current assets                                            $16,845.00
5 Office Equipment                 7,500.00
6 Accumulated Depreciation       (50.00)    $7,450.00
Total assets                                               $24,295.00
Liabilities
7 Accounts Payable                8,350.00
8 Wages Payable                        140.00
9 Unearned Revenue            3,600.00   $12,090.00
10 Common Stock                 9,000.00
11 Retained Earnings             3,205.00    $12,275.00
Total liabilities and equity                       $24,295.00
3. A. Closing Journal Entries:
14 Debit Fees Earned $21,200.00
13 Credit Income Summary $21,200.00
To close the Fees Earned to Income Summary.
13 Debit Income Summary $16,245.00
Credit:
15 Wages Expense                 2,940.00
16 Office Rent Expense         2,550.00
17 Equipment Rent  Expense  1,375.00
18 Utilities Expense                 1,215.00
19 Music Expense                  3,610.00
20 Advertising Expense       1,500.00
21 Supplies Expense               925.00
22 Insurance Expense           225.00
23 Depreciation Expense        50.00
24 Miscellaneous Expense 1,855.00
To close the expenses to the Income Summary.
13 Debit Income Summary $4,955.00
11 Credit Retained Earnings $4,955.00
To close the net income to retained earnings.
11 Debit Retained Earnings $1,750.00
12 Credit Dividends $1,750.00
To close the dividends to retained earnings.
B. Posting the closing entries:
14 Fees Earned 
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                                    21,200.00
Income Summary                 21,200.00
15 Wages Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                   2,940.00
Income Summary                                       2,940.00
16 Office Rent Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                   2,550.00
Income Summary                                       2,550.00
17 Equipment Rent  Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                   1,375.00
Income Summary                                       1,375.00
18 Utilities Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                   1,215.00
Income Summary                                       1,215.00
19 Music Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                   3,610.00
Income Summary                                       3,610.00
20 Advertising Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                   1,500.00
Income Summary                                       1,500.00
21 Supplies Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                       925.00
Income Summary                                        925.00
22 Insurance Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                      225.00
Income Summary                                       225.00
23 Depreciation Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                         50.00
Income Summary                                       50.00
24 Miscellaneous Expense
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                     1,855.00
Income Summary                                      1,855.00
11 Retained Earnings
ACCOUNT TITLE                         DEBIT    CREDIT
Income Summary                                    4,955.00
Dividends                                 1,750.00
Balance                                   3,205.00
12 Dividends
ACCOUNT TITLE                         DEBIT    CREDIT
Balance                                   1,750.00
11 Retained Earnings                               1,750.00
4. Post-Closing Trial Balance
August 1, 2016
ACCOUNT TITLE                         DEBIT    CREDIT
1 Cash                                       9,945.00
2 Accounts Receivable            4,150.00
3 Supplies                                   275.00
4 Prepaid Insurance                2,475.00
5 Office Equipment                 7,500.00
6 Accumulated Depreciation
-Office Equipment                                          50.00
7 Accounts Payable                                  8,350.00
8 Wages Payable                                          140.00
9 Unearned Revenue                              3,600.00
10 Common Stock                                   9,000.00
11 Retained Earnings                               3,205.00
Total                                    24,345.00 24,345.00
Explanation:
a) Data and Calculations:
PS Music
ADJUSTED TRIAL BALANCE
July 31, 2016
ACCOUNT TITLE                         DEBIT    CREDIT
1 Cash                                       9,945.00
2 Accounts Receivable            4,150.00
3 Supplies                                   275.00
4 Prepaid Insurance                2,475.00
5 Office Equipment                 7,500.00
6 Accumulated Depreciation
-Office Equipment                                          50.00
7 Accounts Payable                                  8,350.00
8 Wages Payable                                          140.00
9 Unearned Revenue                              3,600.00
10 Common Stock                                   9,000.00
11 Retained Earnings
12 Dividends                            1,750.00
13 Income Summary
14 Fees Earned                                     21,200.00
15 Wages Expense                 2,940.00
16 Office Rent Expense         2,550.00
17 Equipment Rent  Expense  1,375.00
18 Utilities Expense                 1,215.00
19 Music Expense                  3,610.00
20 Advertising Expense       1,500.00
21 Supplies Expense              925.00
22 Insurance Expense           225.00
23 Depreciation Expense        50.00
24 Miscellaneous Expense 1,855.00
25 Totals                           42,340.00 42,340.00