Transcribed image text : Rockin Rick Music Company uses a perpetual inventory system. The adjusted trial balance of Rockin Rick Music Company at June 30, 2024, follows: Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare Rockin Rick's multi-step income statement for the year ended June 30, 2024. (Use a minus sign or parentheses to show other expenses.) Rockin Rick Music Company Income Statement Year Ended June 30, 2024 $ Net Sales Revenue 190.000 85,500 104,500 5 19.000 15.500 34,500 Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Operating income Other Income and Expenses Interest Expense Sales Discounts Torfaited To Other Income and Expenses) Not Income (L) 70.000 (1 200) 400 (800) 6.200 Requirement 2. Journal Rockin Rick closing entries (Record debiteet, the credits Select the pain on the lastne of the journal entry table> Requirement 2. Joumalize Rockin Rick's closing entries. (Record debits first, then credits. Select the explanation on the last line of the jouma 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 Sales Revenue 190,000 Clos. () Sales Discounts Forfaited 400 Income Summary 190400 Debit Credit 121,200 To close revenues and other credit accounts. Close expenses for the period, Date Accounts and Explanation Jun 30 Income Summary Clos. (2) Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expense To close expenses Close Income Summary 85,500 19,000 15,500 1.200 Debit Credit Close Income Summary Date Accounts and Explanation Jun 30 Income Summary Clos. (3) Retained Earrings 69,200 69,200 To close Income Summary Close Dividends. Debit Credit Date 43.500 Jun 30 Accounts and Explanation Retained Eamings Dividends 43,500 Clos. (4) To close Dividends Requirement 3. Prepare a post-closing trial balance as of June 30, 2024 Rockin Rick Music Company Post-Closing Trial Balance June 30, 2024 Rockin Rick Music Company uses a perpetual inventory system. The adjusted trial balance of Rockin Rick Music Company at June 30, (Click the icon to view the adjusted trial balance.) Read the requirements. Rockin Rick Music Company Post-Closing Trial Balance June 30, 2024 Balance Account Title Debit Credit Total Transcribed image text : Rockin Rick Music Company uses a perpetual inventory system. The adjusted trial balance of Rockin Rick Music Company at June 30, 2024, follows: Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare Rockin Rick's multi-step income statement for the year ended June 30, 2024. (Use a minus sign or parentheses to show other expenses.) Rockin Rick Music Company Income Statement Year Ended June 30, 2024 $ Net Sales Revenue 190.000 85,500 104,500 5 19.000 15.500 34,500 Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Operating income Other Income and Expenses Interest Expense Sales Discounts Torfaited To Other Income and Expenses) Not Income (L) 70.000 (1 200) 400 (800) 6.200 Requirement 2. Journal Rockin Rick closing entries (Record debiteet, the credits Select the pain on the lastne of the journal entry table> Requirement 2. Joumalize Rockin Rick's closing entries. (Record debits first, then credits. Select the explanation on the last line of the jouma 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 Sales Revenue 190,000 Clos. () Sales Discounts Forfaited 400 Income Summary 190400 Debit Credit 121,200 To close revenues and other credit accounts. Close expenses for the period, Date Accounts and Explanation Jun 30 Income Summary Clos. (2) Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expense To close expenses Close Income Summary 85,500 19,000 15,500 1.200 Debit Credit Close Income Summary Date Accounts and Explanation Jun 30 Income Summary Clos. (3) Retained Earrings 69,200 69,200 To close Income Summary Close Dividends. Debit Credit Date 43.500 Jun 30 Accounts and Explanation Retained Eamings Dividends 43,500 Clos. (4) To close Dividends Requirement 3. Prepare a post-closing trial balance as of June 30, 2024 Rockin Rick Music Company Post-Closing Trial Balance June 30, 2024 Rockin Rick Music Company uses a perpetual inventory system. The adjusted trial balance of Rockin Rick Music Company at June 30, (Click the icon to view the adjusted trial balance.) Read the requirements. Rockin Rick Music Company Post-Closing Trial Balance June 30, 2024 Balance Account Title Debit Credit Total