The unadjusted trial balance for Tiger Electronics Company at March 31, 2024, follows:

Requirements
1. Journalize the adjusting entries using the following data:
a. Interest revenue accrued, $500.
b. Salaries (Selling) accrued, $2,400.
c. Depreciation Expense—Equipment (Administrative), $1,295.
d. Interest expense accrued, $1,800.
e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $46,000.
f. Tiger estimates that approximately $4,500 of merchandise sold will be returned with a cost of $1,800.
2. Prepare Tiger Electronics’ adjusted trial balance as of March 31, 2024.
3. Prepare Tiger Electronics’ multi-step income statement for year ended March 31, 2024.

Transcribed Image Text:

TIGER ELECTRONICS COMPANY Unadjusted Trial Balance March 31, 2024 Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Revenue Notes Payable, long-term Tiger, Capital Tiger, Withdrawals Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Salaries Expense (Selling) Rent Expense (Selling) Salaries Expense (Administrative) Utilities Expense (Administrative) Total Balance Debit $ 15,000 38,700 46,250 5,700 129,500 23,000 141,000 28,000 15,200 5,600 10,000 $ 457,950 Credit $ 36,500 15,900 13,500 43,000 43,050 305,750 250 $ 457,950