petual d trial Requirements 1. Journalize the adjusting entries using the follow

Question

petual d trial Requirements 1. Journalize the adjusting entries using the following data: entri a. Interest revenue accrued, $200 b. Salaries (Selling) accrued, $2,300 c. Depreciation Expense- Equipment (Administrative), $1,300 d. Interest expense accrued, $1,500. e. A physical count of inventory was completed. The ending Merchandise lin nts Inventory should have a balance of $45.200 f. Trudel estimates that approximately $6,000 of merchandise sold will be returned with a cost of $1,200 2. 3. Prepare Trudel Electronics's adjusted trial balance as of March 31, 2018. Prepare Trudel Electronics's multi-step income statement for year ended March 31. 2018 Print Done

Explanation / Answer

Answer 1 Adjustment entries Transaction Account Titles and explanation Debit Credit a Interest Receivable $200.00 Interest revenue $200.00 b Salaries Expense (Selling) $2,300.00 Salary Payable $2,300.00 c Depreciation Expense-Equipment $1,300.00 Accumulated Depreciation - Equipment $1,300.00 d Interest Expense $1,500.00 Interest Payable $1,500.00 e Inventory Loss $300.00 Merchandise Inventory $300.00 f No entry required Answer 2 Trudel Electronics Adjusted Trial Balance as of March 31,2018 Account Titles Debit Credit Cash $4,000.00 Accounts Receivable $38,800.00 Merchandise Inventory $45,200.00 Office supplies $6,500.00 Interest Receivable $200.00 Equipment $130,000.00 Accumulated Depreciation - Equipment $38,100.00 Accounts Payable $17,400.00 Salaries Payable $2,300.00 Interest Payable $1,500.00 Unearned Revenue $13,200.00 Notes Payable,long term $48,000.00 Common stock $60,000.00 Retained Earnings $100.00 Dividends $20,000.00 Sales Revenue $282,500.00 Interest Revenue $200.00 Cost of goods sold $160,600.00 Salaries Expense (selling) $22,300.00 Rent Expense (Selling) $15,800.00 Salaries Expense (Administrative) $5,700.00 Utilities Expense (Administrative) $11,100.00 Depreciation Expense $1,300.00 Interest Expense $1,500.00 Inventory Loss $300.00 Total $463,300.00 $463,300.00 Answer 3 Trudel Electronics Multi-step Income Statement For the Year ended March 31,2018 Sales Revenue $282,500.00 Less : Cost of goods sold $160,600.00 Gross Margin $121,900.00 Less : Selling and administrative expenses Salaries Expense (selling) $22,300.00 Rent Expense (Selling) $15,800.00 Salaries Expense (Administrative) $5,700.00 Utilities Expense (Administrative) $11,100.00 Depreciation Expense $1,300.00 Inventory Loss $300.00 Total Selling and administrative Expenses $56,500.00 Net Operating Income $65,400.00 Add : Interest Revenue $200.00 Less : Interest Expense $1,500.00 Profit before tax $64,100.00 Less : Taxes $0.00 Net Income $64,100.00

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