1) Prepare Sylvia's multi-step income statement for the year ended June 30, 2024

2) Journalize Sylvia's closing entries.

3) Prepare a post-closing trial balance as of June 30, 2024.

*Operating Income $61,500

SYLVIA'S MUSIC COMPANY Adjusted Trial Balance June 30, 2024 Account Title Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Refunds Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Forfeited Balance Debit Credit $ 3,700 38,500 17,000 400 800 39,800 $ 8,300 13,000 600 700 7,300 13,500 16,000 19,800 40,500 179,900 100 Cost of Goods Sold 81,000 Selling Expense 19,100 Administrative Expense 17,000 Interest Expense 1,400 Total $ 259,200 $ 259,200