Lee Chang enjoys listening to all types of music and owns countless CDs.

Over the years, Lee 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.

For the last several months, Lee served as a guest jockey on a local radio station. In addition, Lee has
entertained at several friends’ parties as the host deejay.

On June 1, 2020, Lee established a proprietorship known as Music Depot. Using an extensive collection
of music CDs, Lee will serve as a disc jockey on a fee basis for weddings, college parties, and other
events. During June, entered into the following transactions:

June 1 Invested ₱200,000 and deposited it in a checking account in the name of

Music Depot.
2 Received ₱20,000 from 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 ¼ of the rent. Office rent is ₱20,000 per
month.
4 Purchased supplies (blank CDs, posted board, extension cord, etc.) from
City Office Supply Co. for ₱3,500 and agreed to paid on June 15, 2020
6 Paid ₱4,000 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 office rent for the month of June 2020.
15 Paid City Office Supply Co.
17 Received ₱2,000 from a dentist for providing two music sets to play for
her patients.
22 Served as a disc jockey for a wedding party. The father of the bride
agreed to pay ₱2,000 on July 1, 2020.
25 Received ₱3,000 from a friend for serving as a disc jockey for a cancer
charity ball hosted by the local hospital.
29 Received ₱1,500 for serving as a disc jockey for a local clubs monthly
dance.
30 Paid for miscellaneous expenses, ₱1,500
30 Paid office rent for July.
30 Chang withdrew ₱10,000 for personal use.

Chart of Accounts
100 Assets 300 Equity
101 Cash 301 Chang, Capital
105 Accounts Receivables 302 Chang, Drawings
115 Office Supplies 400 Fees Earned
120 Prepaid Insurance 500 Expenses
130 Equipment 505 Utilities Expense
150 Truck 520 Salaries Expense
200 Liabilities 530 Rent Expense
201 Accounts Payable 540 Repairs and Maintenance
210 Notes Payable 550 Miscellaneous Expense

Using the chart of account provided, journalize the transactions and post it in the ledger.