Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 5, Problem P5.36APGA
P5-36A Preparing a multi-step income statement, journalizing closing entries, and preparing a post-closing trail balance
Learning Objective 4, 5
- Operating Income $67,900
The adjusted
| RACHAEL REY MUSIC COMPANY Adjusted Trial Balance December 31, 2018 |
||
| Balance | ||
| Account Title | Debit | Credit |
| Cash | $ 4,000 | |
| 38,400 | ||
| Merchandise Inventory | 18,100 | |
| Office Supplies | 300 | |
| Furniture | 39,900 | |
| Accumulated |
$ 8,200 | |
| Accounts Payable | 13,800 | |
| Salaries Payable | 850 | |
| Unearned Revenue | 7,500 | |
| Notes Payable, long-term | 17,000 | |
| Rey, Capital | 27,350 | |
| Rey, Withdrawals | 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.
2. Journalize Rachael Rey’s closing entries.
3. Prepare a post-closing trial balance as of June 30, 2018.
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Chapter 5 Solutions
Horngren's Accounting (12th Edition)
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Ch. 5 - (
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