Do P5-36A Preparing a multi-step income statement, and journalizing closing entries. Just do Requirements 1 & 2. The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows: RACHAEL REY MUSIC COMPANY Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,000 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 Sales Revenue 184,000 Cost of Goods Sold 85,500 Selling Expense 18,600 Administrative Expense 12,000 Interest Expense 1,900 Total $ 258,700 $ 258,700 Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. Journalize Rachael Rey's closing entries.

Do P5-36A Preparing a multi-step income statement, and journalizing closing entries. Just do Requirements 1 & 2. The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows: RACHAEL REY MUSIC COMPANY Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,000 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 Sales Revenue 184,000 Cost of Goods Sold 85,500 Selling Expense 18,600 Administrative Expense 12,000 Interest Expense 1,900 Total $ 258,700 $ 258,700 Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. Journalize Rachael Rey's closing entries.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.18E: Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the...

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Based on the data presented in Exercise 6-25, journalize the closing entries. On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year ended March 31, 2019. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.
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Here are the accounts in the ledger of Mishas Jewel Box, with the balances as of December 31, the end of its fiscal year. Here are the data for the adjustments. Assume that Mishas Jewel Box uses the perpetual inventory system. a. Merchandise Inventory at December 31, 124,630. b. Insurance expired during the year, 1,294. c. Depreciation of building, 3,300. d. Depreciation of store equipment, 6,470. e. Salaries accrued at December 31, 2,470. f. Store supplies inventory (on hand) at December 31, 1,959. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 63.
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After the first two closing entries are made, Income Summary has a credit balance of $125,500. What does this indicate about the companys net income or loss?
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