Rockin Rick MusicRockin Rick Music Company uses a perpetual inventory system. The adjusted trial balance of Rockin Rick MusicRockin Rick Music Company at June 30 comma 2016June 30, 2016, follows:
Requirements
3.
Prepare a post-closing trial balance as of June 30 comma 2016June 30, 2016.
Rockin Rick Music Company
Adjusted Trial Balance
June 30, 2016
Balance
Account Title
Debit
Credit
Cash
$4,500
Accounts Receivable
39,500
Merchandise Inventory
17,500
Office Supplies
400
Furniture
40,000
Accumulated DepreciationFurniture
$9,000
Accounts Payable
14,100
Salaries Payable
850
Unearned Revenue
6,600
Notes Payable, long-term
14,500
Common Stock
5,000
Retained Earnings
34,250
Dividends
40,500
Sales Revenue
182,000
Sales Returns and Allowances
1,500
Sales Discounts
5,500
Cost of Goods Sold
81,900
Selling Expense
18,600
Administrative Expense
15,000
Interest Expense
1,400
Total
$266,300
$266,300
Answer & Explanation
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