Thomas electronics company uses a perpetual inventory system. the unadjusted trial balance for thomas electronics company at
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Thomas electronics company uses a perpetual inventory system. the unadjusted trial balance for thomas electronics company at march 31, 2018, follows: ? ?
Requirement 1. ?
Journalize the adjusting entries using the following data: (record debits first, then credits. select the explanation on the last line of the journal entry table.)?
a. interest revenue accrued, $350.?
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Date Mar. 31 Adj. (a) Date (1) (2) (3) Mar. 31 Adj. (b) (5) b. Salaries (Selling) accrued, $2,900. Accounts and Explanation (6) (7) (8) (9) (10) Accounts and Explanation Debit Debit Credit Credit c. Depreciation Expense-Equipment (Administrative). $1,340. Date Accounts and Explanation Mar. 31 Adj. (c) Date d. Interest expense accrued, $2,000. Mar. 31 Adj. (d) Date Mar. 31 Adj. (e) (11) (12) (13) (14) (15) Date (16) (17) (18) (19) (20) Mar. 31 Adj. (f1) Accounts and Explanation e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,900. (21) (22) (23) (24) (25) Accounts and Explanation Debit (26) (27) (28) (29) (30) (2) Prepare the entry for the estimated return of merchandise. Debit Debit Credit f. Thomas estimates that approximately $8,000 of merchandise sold will be returned with a cost of $4,000. (1) Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated return of merchandise with this entry. We will do that in the following step. Accounts and Explanation Credit Debit Credit Credit Date Mar. 31 Adj. (12) (31) (32) (33) (34) (35) Accounts and Explanation Debit Requirement 2. Prepare Thomas Electronics' adjusted trial balance as of March 31, 2018. Review the adjusting entries you prepared in Requirement 1. Credit Account Title (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) Total Thomas Electronics Company Adjusted Trial Balance March 31, 2018 Debit Balance Credit Requirement 3. Prepare Thomas Electronics' multi-step income statement for year ended March 31, 2018. (Enter Selling Expenses before Administrative Expenses. Use a minus sign or parentheses to show other expenses.) Review the adjusted trial balance from Requirement. 2. (62) (63) (64) (65) (75) (76) (77) (66) (69) (70) (74) (78) (79) (80) Net Income (Loss) 4: Data Table (67) (68) (71) (72) (73) Thomas Electronics Company Income Statement Year Ended March 31, 2018 SUPERIO BEAUTY Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Revenue Thomas Electronics Company Unadjusted Trial Balance March 31, 2018 Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense (Selling) Rent Expense (Selling) Salaries Expense (Administrative) Utilities Expense (Administrative) Total 5: Requirements $ $ Balance Debit 5,000 35,400 46,450 6,400 134,000 27,000 Credit $ 37,400 16,800 13,500 54,000 30,000 13,650 292,000 150,000 22,000 15,200 5,400 10,500 457,350 $ 457,350 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued, $350. b. Salaries (Selling) accrued, $2,900. Depreciation Expense-Equipment (Administrative), $1,340. Interest expense accrued, $2,000. e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,900. Thomas estimates that approximately $8,000 of merchandise sold will be returned with a cost of $4,000. C. d. 00000 f. 2. Prepare Thomas Electronics's adjusted trial balance as of March 31, 2018. 3. Prepare Thomas Electronics's multi-step income statement for year ended March 31, 2018. (1) O O Accounts Payable O Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Depreciation Expense-Equipment (Administrative) Interest Payable Interest Receivable Interest Revenue Merchandise Inventory Sales Revenue Unearned Revenue O Notes Payable, long-term O Office Supplies Refunds Payable O Rent Expense-Selling Utilities Expense-Administrative Dividends Equipment Estimated Returns Inventory Interest Expense Retained Earnings Salaries Expense-Administrative Salaries Expense-Selling Salaries Payable Date Mar. 31 Adj. (a) Date (1) (2) (3) Mar. 31 Adj. (b) (5) b. Salaries (Selling) accrued, $2,900. Accounts and Explanation (6) (7) (8) (9) (10) Accounts and Explanation Debit Debit Credit Credit c. Depreciation Expense-Equipment (Administrative). $1,340. Date Accounts and Explanation Mar. 31 Adj. (c) Date d. Interest expense accrued, $2,000. Mar. 31 Adj. (d) Date Mar. 31 Adj. (e) (11) (12) (13) (14) (15) Date (16) (17) (18) (19) (20) Mar. 31 Adj. (f1) Accounts and Explanation e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,900. (21) (22) (23) (24) (25) Accounts and Explanation Debit (26) (27) (28) (29) (30) (2) Prepare the entry for the estimated return of merchandise. Debit Debit Credit f. Thomas estimates that approximately $8,000 of merchandise sold will be returned with a cost of $4,000. (1) Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated return of merchandise with this entry. We will do that in the following step. Accounts and Explanation Credit Debit Credit Credit Date Mar. 31 Adj. (12) (31) (32) (33) (34) (35) Accounts and Explanation Debit Requirement 2. Prepare Thomas Electronics' adjusted trial balance as of March 31, 2018. Review the adjusting entries you prepared in Requirement 1. Credit Account Title (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) Total Thomas Electronics Company Adjusted Trial Balance March 31, 2018 Debit Balance Credit Requirement 3. Prepare Thomas Electronics' multi-step income statement for year ended March 31, 2018. (Enter Selling Expenses before Administrative Expenses. Use a minus sign or parentheses to show other expenses.) Review the adjusted trial balance from Requirement. 2. (62) (63) (64) (65) (75) (76) (77) (66) (69) (70) (74) (78) (79) (80) Net Income (Loss) 4: Data Table (67) (68) (71) (72) (73) Thomas Electronics Company Income Statement Year Ended March 31, 2018 SUPERIO BEAUTY Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Revenue Thomas Electronics Company Unadjusted Trial Balance March 31, 2018 Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense (Selling) Rent Expense (Selling) Salaries Expense (Administrative) Utilities Expense (Administrative) Total 5: Requirements $ $ Balance Debit 5,000 35,400 46,450 6,400 134,000 27,000 Credit $ 37,400 16,800 13,500 54,000 30,000 13,650 292,000 150,000 22,000 15,200 5,400 10,500 457,350 $ 457,350 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued, $350. b. Salaries (Selling) accrued, $2,900. Depreciation Expense-Equipment (Administrative), $1,340. Interest expense accrued, $2,000. e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,900. Thomas estimates that approximately $8,000 of merchandise sold will be returned with a cost of $4,000. C. d. 00000 f. 2. Prepare Thomas Electronics's adjusted trial balance as of March 31, 2018. 3. Prepare Thomas Electronics's multi-step income statement for year ended March 31, 2018. (1) O O Accounts Payable O Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Depreciation Expense-Equipment (Administrative) Interest Payable Interest Receivable Interest Revenue Merchandise Inventory Sales Revenue Unearned Revenue O Notes Payable, long-term O Office Supplies Refunds Payable O Rent Expense-Selling Utilities Expense-Administrative Dividends Equipment Estimated Returns Inventory Interest Expense Retained Earnings Salaries Expense-Administrative Salaries Expense-Selling Salaries Payable
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Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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