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Do P5-36A Preparing a multi-step income statement, and journalizing closing entries. Just do Requirements 1 & 2. The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows: RACHAEL REY MUSIC COMPANY Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,000 Accounts Receivable 38,400 Merchandise Inventory 18, 100 Office Supplies 300 Furniture 39,900 Accumulated Depreciation-Furniture $ 8,200 Accounts Payable 13,800 Salaries Payable 850 Unearned Revenue 7,500 Notes Payable, long-term 17,000 Common Stock 6,000 Retained Earnings 21,350 Dividends 40,000 Sales Revenue 184,000 Cost of Goods Sold 85,500 Selling Expense 18,600 Administrative Expense 12,000 Interest Expense 1,900 Total $ 258,700 $ 258,700 Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. Journalize Rachael Rey's closing entries.

Do P5-36A Preparing a multi-step income statement, and journalizing closing entries. Just do Requirements 1 & 2. The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows: RACHAEL REY MUSIC COMPANY Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,000 Accounts Receivable 38,400 Merchandise Inventory 18, 100 Office Supplies 300 Furniture 39,900 Accumulated Depreciation-Furniture $ 8,200 Accounts Payable 13,800 Salaries Payable 850 Unearned Revenue 7,500 Notes Payable, long-term 17,000 Common Stock 6,000 Retained Earnings 21,350 Dividends 40,000 Sales Revenue 184,000 Cost of Goods Sold 85,500 Selling Expense 18,600 Administrative Expense 12,000 Interest Expense 1,900 Total $ 258,700 $ 258,700 Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. Journalize Rachael Rey's closing entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Do P5-36A Preparing a multi-step income statement, and journalizing closing entries. Just do Requirements 1 & 2. The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows: RACHAEL REY MUSIC COMPANY Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,000 Accounts Receivable 38,400 Merchandise Inventory 18,100 Office Supplies 300 Furniture 39,900 Accumulated Depreciation-Furniture $ 8,200 Accounts Payable 13,800 Salaries Payable 850 Unearned Revenue 7,500 Notes Payable, long-term 17,000 Common Stock 6,000 Retained Earnings 21,350 Dividends 40,000 Sales Revenue 184,000 Cost of Goods Sold 85,500 Selling Expense 18,600 Administrative Expense 12,000 Interest Expense 1,900 Total $258,700 $ 258,700 Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. Journalize Rachael Rey's closing entries.
Transcribed Image Text:Do P5-36A Preparing a multi-step income statement, and journalizing closing entries. Just do Requirements 1 & 2. The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows: RACHAEL REY MUSIC COMPANY Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,000 Accounts Receivable 38,400 Merchandise Inventory 18,100 Office Supplies 300 Furniture 39,900 Accumulated Depreciation-Furniture $ 8,200 Accounts Payable 13,800 Salaries Payable 850 Unearned Revenue 7,500 Notes Payable, long-term 17,000 Common Stock 6,000 Retained Earnings 21,350 Dividends 40,000 Sales Revenue 184,000 Cost of Goods Sold 85,500 Selling Expense 18,600 Administrative Expense 12,000 Interest Expense 1,900 Total $258,700 $ 258,700 Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. Journalize Rachael Rey's closing entries.
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