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In: Accounting

Rockin Robbin Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash...

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 the year 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 the year ended June 30, 2018.

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

Solutions

Expert Solution

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

ekkarill92 answered 5 months ago
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