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