The adjusted trial balance of Rachel Rey Dance Company at April 30, 2016, follows:

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

Transcribed Image Text:

RACHEL REY DANCE COMPANY Adjusted Trial Balance April 30, 2016 Balance 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 Debit Credit S 3,700 38,100 17,600 700 39,800 S 8,200 13,600 500 7,100 17,000 16,000 18,700 42,500 180,000 6,000 2,500 72,000 18,900 18,000 1,300 S 261,100 S 261,100