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
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
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
The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows:
Requirements
- Prepare Rachael Rev’s multi-step income statement for the year ended June 30, 2018.
- Journalize Rachael Rev’s closing entries.
- Prepare a post-closing trial balance as of June 30, 2018.
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