Proud Pappa Music Company uses a perpetual inventory system. The adjusted trial balance of Proud Pappa...

  

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Proud Pappa Music Company uses a perpetual inventory system. The adjusted trial balance of Proud Pappa Music Company at June 30, 2024, follows: Proud Pappa Music Company Adjusted Trial Balance June 30, 2024 Account Title Cash 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 Common Stock Retained Earnings Dividends Sales Revenue Debit Balance 4,000 38,600 17,100 250 40,200 43,500 Credit 8,700 13,600 800 1,100 6,800 16,000 4,000 14,050 186,000 Sales Discounts Forfeited Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ 250 74,400 19,200 12,000 1,500 251,300 $ 251,300 Requirements 1. Prepare Proud Pappa's multi-step income statement for the June 30, 2024. 2. Journalize Proud Pappa's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2024. year ended Proud Pappa Music Company uses a perpetual inventory system. The adjusted trial balance of Proud Pappa Music Company at June 30, 2024, follows: Proud Pappa Music Company Adjusted Trial Balance June 30, 2024 Account Title Cash 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 Common Stock Retained Earnings Dividends Sales Revenue Debit Balance 4,000 38,600 17,100 250 40,200 43,500 Credit 8,700 13,600 800 1,100 6,800 16,000 4,000 14,050 186,000 Sales Discounts Forfeited Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ 250 74,400 19,200 12,000 1,500 251,300 $ 251,300 Requirements 1. Prepare Proud Pappa's multi-step income statement for the June 30, 2024. 2. Journalize Proud Pappa's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2024. year ended

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Proud Pappa Music Company 1 Income Statement Year ended June 30 2024 Sales 186000 Less Cost of goods ... View the full answer