The unadjusted trial balance for Thomas Electronics Company follows:

Requirements
1. Journalize the adjusting entries using the following data:
a. Interest revenue accrued, $300.
b. Salaries (Selling) accrued, $2,400.
c. Depreciation Expense€”Equipment (Administrative), $1,310.
d. Interest expense accrued, $1,300.
e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $44,900.
2. Prepare Thomas Electronics€™s adjusted trial balance as of October 31, 2016.
3. Prepare Thomas Electronics€™s multi-step income statement for year ended October 31, 2016.
4. Prepare Thomas Electronics€™s statement of retained earnings for year ended October 31, 2016.
5. Prepare Thomas Electronics€™s classified balance sheet in report form as of October 31, 2016.

Transcribed Image Text:

THOMAS ELECTRONICS COMPANY Unadjusted Trial Balance October 31, 2016 Balance Debit Account Title Cash Accounts Receivable Interest Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Interest Revenue Cost of Goods Solo Salaries Expense (Selling) Rent Expense (Selling) Salaries Expense (Administrative) Utilities Expense (Administrative) Depreciation Expense Eqient (Administrative) Interest Expense Total Credit 4,400 35,200 45,600 5,700 131,000 37,900 15,800 13,700 47,000 45,000 15,700 27,000 310,000 5,500 4,000 170,500 25,000 15,300 4,900 11,000 485,100 $485,100