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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.

Preparing a multi-step income statement, journalizing closing entries, and preparing a post-closing trial balance

The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows:

Requirements

  1. Prepare Rachael Rev’s multi-step income statement for the year ended June 30, 2018.
  2. Journalize Rachael Rev’s closing entries.
  3. Prepare a post-closing trial balance as of June 30, 2018.
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
Transcribed Image Text: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
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