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

Answer rating: 100% (QA)

The question is complete Lets answer your question stepbystep 1 Prepare Sylvias multistep income statement for the year ended June 30 2024 For a multi... View the full answer