Question

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

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