Problem: The transactions completed by PS Music during June 20Y5 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1 Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Music's checking account. July 1 Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, $1,750. July 1 Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. July 2 Received $1,000 on account. July 3 On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. In accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months. July 3 Paid $250 on account. July 4 Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) July 5 Purchased office equipment on account from Office Mart, $7,500. July 8 Paid for a newspaper advertisement, $200. July 11 Received $1,000 for serving as a disc jockey for a party. July 13 Paid $