The unadjusted trial balance for Rapid Electronics Company at March 31, 2025, follows: 

Requirements 

1. Journalize the adjusting entries using the following data: a. Interest revenue accrued, $450. 

b. Salaries (Selling) accrued, $2,500. 

c. Depreciation Expense—Equipment (Administrative), $1,330. 

d. Interest expense accrued, $1,100. 

e. A physical count of inventory was completed. 

The ending Merchandise Inventory should have a balance of $44,600.

2. Prepare Rapid Electronics Company’s adjusted trial balance as of March 31, 2025. 

3. Prepare Rapid Electronics Company’s multi-step income statement for year ended March 31, 2025. 

Transcribed Image Text:

Account Title Cash RAPID ELECTRONICS COMPANY Unadjusted Trial Balance March 31, 2025 Accounts Receivable Merchandise Inventory Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense (Selling) Rent Expense (Selling) Salaries Expense (Administrative) Utilities Expense (Administrative) Total Balance Debit $ 3,700 33,300 45,100 6,300 133,000 21,000 7,100 3,000 170,500 24,000 15,000 5,400 10,100 $ 477,500 Credit $36,600 16,400 13,600 44,000 40,000 16,900 310,000 $ 477,500