Tiger electronics Company uses a perpetual inventory system. The unadjusted trial balance for Company at follows March 31, 2024. Tiger Electronics CompanyUnadjusted Trial BalanceMarch 31, 2024 BalanceAccount TitleDebitCreditCash$15,000 Accounts Receivable38,700 Merchandise Inventory46,250 Office Supplies5,700 Equipment129,500 Accumulated Depreciation—Equipment $36,500Accounts Payable 15,900Unearned Revenue 13,500Notes Payable, long-term 43,000Common Stock 30,000Retained Earnings 13,050Dividends23,000 Sales Revenue 305,750Sales Discounts Forfeited 250Cost of Goods Sold141,000 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 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 MerchandiseInventory should have a balance of $46,000.f. Tiger estimates that approximately $4,500 of merchandise sold will bereturned 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 endedMarch 31, 2024.

The question is based on the concept of Cost Accounting.

Answered: Tiger electronics Company uses a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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
Accumulated Depreciation—Equipment		$36,500
Accounts Payable		15,900
Unearned Revenue		13,500
Notes Payable, long-term		43,000
Common Stock		30,000
Retained Earnings		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

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.

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