Requirements 1. Prepare Telly's multi-step income statement for the year ended June 30, 2024. 2. Journalize Telly's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2024. Print Done Telys Music Company uses a perpetual inventory system. The adjusted trial balance of Telys Music Company at June 30, 2024, follows: m (Click the icon to view the adjusted trial balance :) Read the requirements Requirement 1. Prepare Telly's muti-step Income statement for the year ended June 30, 2024. (Use a minus signor parentheses to show other expenses) Telly's Music Company Data Table Telly's Music Company Adjusted Trial Balance June 30, 2024 pe Balance Account Title Debit Credit Cash $ 3,900 Accounts Receivable 38,200 17,300 Merchandise Inventory Estimated Returns Inventory Office Supplies 750 600 39,700 $ 9,000 13,200 550 Furniture Accumulated Depreciation Furniture Accounts Payable Refunds Payable Salaries Payable Unearned Revenue Notes Payable, long-term Telly, Capital 600 6,800 14,500 31,300 1 Data Table ren bal 750 Estimated Returns Inventory Office Supplies 600 nca Furniture 39,700 pen Mus 9,000 ne 13,200 led 550 600 Accumulated Depreciation Furniture Accounts Payable Refunds Payable Salaries Payable Unearned Revenue Notes Payable, Jong-term Telly, Capital Telly, Withdrawals 6,800 14,500 31,300 42,000 Sales Revenue 189,000 Sales Discounts Forfeited 550 Cost of Goods Sold 85,050 18,600 Selling Expense Administrative Expense 17,500 1,900 Interest Expense $ 265,500 $ 265,500 Total Requirement 1. Prepare Telly's multi-step income statement for the year ended June 30, 2024. (Use a minus sign or parentheses to show other expense Telly's Music Company Income Statement Year Ended June 30, 2024 Net Income (Loss) Requirement 2. Journalize Telly's closing entries. (Record debits first, then credits. Select the explanation on the last line of the jou Start by closing revenues and other credit accounts for the period. Do not close the expenses; this will be done in the next step. Date Accounts and Explanation Debit Credit Jun 30 Clos. (1) Close expenses for the period. Date Accounts and Explanation Debit Credit Jun 30 Clos (2) Close Income Summary. Date Accounts and explanation Debit Credit Jun 30 Pearson Close Income Summary. Date Accounts and Explanation Debit Credit Jun. 30 Clos. (3) Close withdrawals. Date Accounts and Explanation Debit Credit Jun. 30 Clos. (4) Requirement 3. Prepare a post-closing trial balance as of June 30, 2024. Telly's Music Company Post-Closing Trial Balance June 30, 2024 Balance Account Title Debit Credit Total