The unadjusted trial balance for Tuttle Electronics Company follows:

Requirements
1. Journalize the adjusting entries using the following data:
a. Interest revenue accrued, $550.
b. Salaries (Selling) accrued, $2,800.
c. Depreciation Expense-Equipment (Administrative), $1,295.
d. Interest expense accrued, $1,500.
e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,300.
f. Tuttle estimates that approximately $6,200 of merchandise sold will be returned with a cost of $2,480.
2. Prepare Tuttle Electronics's adjusted trial balance as of October 31, 2018.
3. Prepare Tuttle Electronics's multi-step income statement for year ended October 31, 2018.

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TUTTLE ELECTRONICS COMPANY Unadjusted Trial Balance October 31, 2018 Balance Account Title Debit Credit $ 4,200 Cash Accounts Receivable 33,800 Merchandise Inventory 45,700 Office Supplies 5,700 Equipment 129,500 $ 37,200 Accumulated Depreciation-Equipment Accounts Payable 15,600 Unearned Revenue 13,400 Notes Payable, long-term 53,000 Common Stock 48,000 6,700 Retained Earnings Dividends 27,000 Sales Revenue 300,300 Cost of Goods Sold 171,600 Salaries Expense (Selling) 26,000 Rent Expense (Selling) 15,400 Salaries Expense (Administrative) 4,800 Utilities Expense (Administrative) 10,500 $ 474,200 $ 474,200 Total