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Rockin Robbin Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $3,600 Accounts Receivable 38,700 Merchandise Inventory 17,800 Office Supplies 800 Furniture 39,600 Accumulated Depreciation—Furniture $8,900 Accounts Payable 14,100 Salaries Payable 1,100 Unearned...

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Accounting

Rockin Robbin Music Company

Adjusted Trial Balance

June 30, 2018

Balance

Account Title

Debit

Credit

Cash

$3,600

Accounts Receivable

38,700

Merchandise Inventory

17,800

Office Supplies

800

Furniture

39,600

Accumulated Depreciation—Furniture

$8,900

Accounts Payable

14,100

Salaries Payable

1,100

Unearned Revenue

6,900

Notes Payable, long-term

13,000

Robbin, Capital

33,250

Robbin, Withdrawals

43,000

Sales Revenue

189,000

Cost of Goods Sold

85,050

Selling Expense

19,100

Administrative Expense

17,500

Interest Expense

1,100

Total

$266,250

$266,250

1.Prepare Rockin Robbin's ?multi-step income statement for theyear ended June 30, 2018

2. Journalize Rockin Robbin's closing entries.

3. Prepare a? post-closing trial balance as of June 30, 2018

Prepare Rockin Robbin's ?multi-step income statement for theyear ended June 30, 2018.

?(Use a minus sign or parentheses to show other? expenses.)

Answer & Explanation Solved by verified expert
3.6 Ratings (589 Votes)

Solution 1:

Rockin Robbin Music Company
Income Statement
Sales Revenue $1,89,000
Less: Cost Of goods sold $85,050
Gross Profit $1,03,950
Less: Operating expense
     Selling Expense $19,100
     Administrative Expense $17,500
Operating Income $67,350
Less: Interest expense $1,100
Net Income $66,250

Solution 2:

Closing Entries-Rockin Robbin Music Company
No. Account title and explanation Debit Credit
1 Sales Revenue Dr $1,89,000
     To Income Summary $1,89,000
(To close revenue accounts)
2 Income Summary Dr $1,22,750
      To Cost of goods sold $85,050
      To Selling Expense $19,100
      To Administrative Expense $17,500
      To Interest Expense $1,100
(To close expense accounts)
3 Income Summary Dr [$189,000 -$122,750] $66,250
     To Robbin, Capital $66,250
(To close net income)
4 Robbin, Capital Dr $43,000
     To Robbin, Withdrawals $43,000
(To close withdrawals)

Solution 3:

Rockin Robbin Music Company
Adjusted Trial Balance
June 30, 2018
Account Title Debit Credit
Cash $3,600
Accounts Receivable $38,700
Merchandise Inventory $17,800
Office Supplies $800
Furniture $39,600
Accumulated Depreciation—Furniture $8,900
Accounts Payable $14,100
Salaries Payable $1,100
Unearned Revenue $6,900
Notes Payable, long-term $13,000
Robbin, Capital ($33250+$66250-$43000) $56,500
Total $1,00,500 $1,00,500

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