The adjusted trial balance of Dailey Music Company appears below. Dailey Music Company prepares monthly financial statements and uses the perpetual inventory method. DAILEY MUSIC COMPANY Worksheet For the Month Ended April 30, 2016

1 Adjusted Trial Balance

2 Income Statement

3 Balance Sheet

Cash 11,500 (Debit)

Merchandise Inventory 21,000 (Debit)

Supplies 3,500 (Debit)

Equipment 80,000 (Debit)

Accum. Depreciation Equipment 15,000 (Credit)

Accounts Payable 20,000 (Credit)

Share Capital-Ordinary 50,000 (Credit)

Retained Earnings 42,000 (Credit)

Dividends 8,000 (Debit)

Sales 44,000 (Credit)

Sales Discounts 2,000 (Debit)

Sales returns and allowances 1,500 (Debit)

Cost of Goods Sold 26,000 (Debit)

Advertising Expense 7,000 (Debit)

Supplies Expense 6,000 (Debit)

Depreciation Expense 1,000 (Debit)

Rent Expense 2,500 (Debit)

Utility Expense 1,000 (Debit)

BALANCE= 171,000 171,000

1- Complete the worksheet.

2- Prepare an income statement and a retained earnings statement for the month

3- Prepare a classified statement of financial position at April 30, 2016.

4- Prepare closing entries at April 30, 2016.

5- Prepare post-closing trial balance.