Reference no: EM133050875
Question - Sylvia's Music Company uses a perpetual inventory system. Adjusted Trial Balance as of June 30, 2024:
Cash- $3,700 debit
Accounts Receivable- $38,500 debit
Merchandise Inventory- $17,000 debit
Estimated Returns Inventory- $400 debit
Office Supplies- $800 debit
Furniture- $39,800 debit
Accumulated Depreciation--Furniture- $8,300 credit
Accounts Payable- $13,000 credit
Refunds Payable- $600 credit
Salaries Payable- $700 credit
Unearned Revenue- $7,300 credit
Notes Payable, long-term- $13,500 credit
Sylvia, Capital- $35,800 credit
Sylvia, Withdrawls- $40,500 debit
Sales Revenue- $179,900 credit
Sales Discounts Forfeited- $100 credit
Cost of Goods Sold- $81,000 debit
Selling Expense- $19,100 debit
Administrative Expense- $17,000 debit
Interest Expense- $1,400 debit
Requirements -
1. Prepare Sylvia's multi-step income statement for the year ended June 30, 2024?
2. Journalize Sylvia's closing entries?
3. Prepare a post-closing trial balance as of June 30, 2024?
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