Tiger electronics Company uses a perpetual inventory system. The unadjusted trial balance for Company at follows March 31, 2024. Tiger Electronics Company Unadjusted Trial Balance March 31, 2024 Balance Account Title Debit Credit Cash $15,000 Accounts Receivable 38,700 Merchandise Inventory 46,250 Office Supplies 5,700 Equipment 129,500
Tiger electronics Company uses a perpetual inventory system. The unadjusted trial balance for Company at follows March 31, 2024. Tiger Electronics Company Unadjusted Trial Balance March 31, 2024 Balance Account Title Debit Credit Cash $15,000 Accounts Receivable 38,700 Merchandise Inventory 46,250 Office Supplies 5,700 Equipment 129,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Tiger electronics Company uses a perpetual inventory system. The unadjusted trial balance for Company at follows March 31, 2024.
Tiger Electronics Company
|
||
Unadjusted Trial Balance
|
||
March 31, 2024
|
||
|
Balance
|
|
---|---|---|
Account Title
|
Debit
|
Credit
|
Cash
|
$15,000
|
|
|
38,700
|
|
Merchandise Inventory
|
46,250
|
|
Office Supplies
|
5,700
|
|
Equipment
|
129,500
|
|
|
|
$36,500
|
Accounts Payable
|
|
15,900
|
Unearned Revenue
|
|
13,500
|
Notes Payable, long-term
|
|
43,000
|
Common Stock
|
|
30,000
|
|
|
13,050
|
Dividends
|
23,000
|
|
Sales Revenue
|
|
305,750
|
Sales Discounts Forfeited
|
|
250
|
Cost of Goods Sold
|
141,000
|
|
Salaries Expense (Selling)
|
28,000
|
|
Rent Expense (Selling)
|
15,200
|
|
Salaries Expense (Administrative)
|
5,600
|
|
Utilities Expense (Administrative)
|
10,000
|
|
Total
|
$457,950
|
$457,950
|

Transcribed Image Text:1. Journalize the adjusting entries using the following data:
Interest revenue accrued, $500.
a.
b. Salaries (Selling) accrued, $2,400.
c. Depreciation Expense-Equipment (Administrative), $1,295.
d. Interest expense accrued, $1,800.
e. A physical count of inventory was completed. The ending Merchandise
Inventory should have a balance of $46,000.
f. Tiger estimates that approximately $4,500 of merchandise sold will be
returned with a cost of $1,800.
2. Prepare Tiger Electronics' adjusted trial balance as of March 31, 2024.
3. Prepare Tiger Electronics' multi-step income statement for year ended
March 31, 2024.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education