The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows:

Requirements
1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018.
2. Journalize Rachael Rey's closing entries.
3. Prepare a post-closing trial balance as of June 30, 2018.

Transcribed Image Text:

RACHAEL REY MUSIC COMPANY Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit $ 4,000 Cash Accounts Receivable 38,400 Merchandise Inventory 18,100 Office Supplies 300 Furniture 39,900 Accumulated Depreciation-Furniture 8,200 Accounts Payable 13,800 Salaries Payable 850 Unearned Revenue 7,500 Notes Payable, long-term 17,000 Common Stock 6,000 Retained Earnings 21,350 Dividends 40,000 184,000 Sales Revenue Cost of Goods Sold 85,500 Selling Expense 18,600 Administrative Expense 12,000 Interest Expense 1,900 $ 258,700 $ 258,700 Total