The adjusted trial balance of Sylvia’s Music Company at June 30, 2024, follows:

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.

Transcribed Image Text:

Account Title Cash SYLVIA'S MUSIC COMPANY Adjusted Trial Balance June 30, 2024 Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Refunds Payable Salaries Payable Unearned Revenue Notes Payable, long-term Sylvia, Capital Sylvia, Withdrawals Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 3,700 38,500 17,000 400 800 39,800 40,500 81,000 19,100 17,000 1,400 $ 259,200 Credit $ 8,300 13,000 600 700 7,300 13,500 35,800 179,900 100 $ 259,200