The unadjusted trial balance for Turtle Electronics Company follows:

Requirements
1. Journalize the adjusting entries using the following data:
a. Interest revenue accrued, $350.
b. Salaries (Selling) accrued, $2,200.
c. Depreciation Expense—Equipment (Administrative), $1,310.
d. Interest expense accrued, $1,000.
e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,100.
f. Turtle estimates that approximately $7,000 of merchandise sold will be returned with a cost of $4,200.
2. Prepare Turtle Electronics’ adjusted trial balance as of October 31, 2024.
3. Prepare Turtle Electronics’ multi-step income statement for year ended October 31, 2024.

Transcribed Image Text:

TURTLE ELECTRONICS COMPANY Unadjusted Trial Balance October 31, 2024 Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Revenue Notes Payable, long-term Turtle, Capital Turtle, Withdrawals Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Salaries Expense (Selling) Rent Expense (Selling) Salaries Expense (Administrative) Utilities Expense (Administrative) Total $ Debit Balance 14,000 38,400 45,170 6,400 131,000 24,000 145,000 24,700 15,500 5,600 10,700 $461,470 Credit $ 37,400 16,900 13,500 44,000 59,670 289,750 250 $ 461,470