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...

3.6 Ratings (589 Votes)

Solution 1:

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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