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Time Remaining: 00 2726 Submit Quiz This Quiz: 4 pts possible Data Table Rockin Richards Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Fumiture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Debit Credit S 4,200 38,600 17,600 850 39,700 8,300 13,300 600 Print Done 1:37 O
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Answer #1

1. Multi Step Income Statement:

Sales Revenue 180000
Less:Cost of Goods Sold 72000
Gross Margin 108000
Operating Expenses:
Administrative Expense 17500
Selling expense 18700 36200
Operating Income 71800
Other Expenses
Interest Expense 1100
Net Income 70700

2.

Date Account Titles and Explanation Debit Credit
Jun.30 Sales Revenue 180000
Income Summary 180000
[Revenue closing entry]
Jun.30 Income Summary 109300
Cost of Goods Sold 72000
Administrative Expense 17500
Selling expense 18700
Interest Expense 1100
[Expense closing entry]
Jun.30 Income Summary 70700
Richards,Capital 70700
Jun.30 Richards,Capital 43000
Richards,withdrawals 43000

4.

Account Title Debit Credit
Cash 4200
Accounts Receivable 38600
Merchandise Inventory 17600
Office Supplies 850
Furniture 39700
Accumulated Depreciation- Furniture 8300
Accounts Payable 13300
Salaries Payable 600
Unearned Revenue 7100
Notes Payable,long term 16000
Richards,Capital 55650
Total 100950 100950
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