The adjusted trial balance of Big Rita€™s Music Company at June 30, 2016, follows:

Requirements
1. Prepare Big Rita€™s multi-step income statement for the year ended June 30, 2016.
2. Journalize Big Rita€™s closing entries.
3. Prepare a post-closing trial balance as of June 30, 2016.

Transcribed Image Text:

BIG RITA'S MUSIC COMPANY Adjusted Trial Balance June 30, 2016 Balance Debit Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total Credit $ 3,700 38,500 17,100 850 39,800 8,800 13,100 800 7,400 15,000 16,000 23,300 42,500 187,000 4,500 3,500 84,150 18,800 17,000 1,000 S271,400 271,400