Rick Raymond Music Company uses a perpetual inventory system. The adjusted trial balance of Rick Raymond Music Company at June 30, 2018, follows

Requirement 1. Prepare Big Papi's multi-step income statement for the year ended June 30, 2018. (Use a minus sign or parentheses to show other expenses.)

Requirement 2. Journalize Big Papi's closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Do not close the expenses; this will be done in the next step.

Requirement 3. Prepare a post-closing trial balance as of June 30, 2018.

GA Rick Raymond Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 3,600 Accounts Receivable 38,500 Merchandise Inventory 17,000 Office Supplies 600 Furniture 39,700 Accumulated Depreciation Furniture 8,900 Accounts Payable 13,100 Salaries Payable 500 Unearned Revenue 7,300 Notes Payable, long-term 13,000 Raymond, Capital 24,700 Raymond, Withdrawals 42,500 Sales Revenue 182,000 Cost of Goods Sold 72,800 Selling Expense 19,100 Administrative Expense 14,000 Interest Expense 1,700 $ 249,500 $ 249,500 Total Requirement 1. Prepare Big Papi's multi-step income statement for the year ended June 30, 2018. (Use a minus sign or parentheses to show other expenses.) Rick Raymond Music Company Income Statement Year Ended June 30, 2018 Net Income (Loss) Requirement 2. Journalize Big Papi's closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. 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 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, 2018 Rick Raymond Music Company Post-Closing Trial Balance June 30, 2018 Balance Account Title Debit Credit Total Choose from any list or enter any number in the input fields and then continue to the next