need help with Requirement 3
Balance Account Title Debit Credit Cash $ 12,000 Accounts Receivable 38,700 46,200 6,100 Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable 129,500 $ 37,500 16,000 Unearned Revenue 13,600 44,000 37,200 Notes Payable, long-term Tiger, Capital Tiger, Withdrawals Sales Revenue 16,000 300,000 Cost of Goods Sold 144,000 24,600 Salaries Expense (Selling) Rent Expense (Selling) Salaries Expense (Administrative) 16,100 4,500 10,600 Utilities Expense (Administrative) $ 448,300 $ 448,300 Total Tiger Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tiger Electronics Company at March 31, 2018, follows: Click the icon to view the unadjusted trial balance.) Read the requirements Requirement 1. Joumalize the adjusting entries using the following data: (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Interest revenue accrued, $150. Date Credit Mar. 31 Accounts and Explanation Interest Receivable Interest Revenue Debit 150 Adj. (0) 150 To accrue interest revenue b. Salaries (Selling) accrued, $2,900. Date Accounts and Explanation Mar 31 Salaries Expense-Selling Adj-(b) Salaries Payable Debit Credit 2.900 2,900 To accrue salaries expense. c. Depreciation Expense Equipment (Administrative), $1,295. Debit Credit Date Accounts and Explanation Depreciation Expense-Equipment (Administrative) Accumulated Depreciation Equipment 1,295 Mar. 31 1,295 Adj. (c) To record depreciation on equipment. bibit Credit d. Interest expense accrued, $2,100. Date Accounts and Explanation Mar. 31 Interest Expense Adj. (d) Interest Payable 2,100 2,100 To accrue interest expense. e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $46,000. Date Accounts and Explanation Debit Credit Mar. 31 Cost of Goods Sold 200 Adj. (e) Merchandise Inventory 200 4. Tigor estimates that approximately $5,000 of merchandise sold will be returned with a cost of $1,000. (1) Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated return of merchandise with this entry, Wo will do that in the following step. Date Accounts and Explanation Debit Credit Mar. 31 Sales Revenue 5,000 Adj. (f1) Refunds Payable 5,000 To record estimated refunds. (2) Prepare the entry for the estimated retum of merchandise. Date Accounts and Explanation Mar. 31 Estimated Returns Inventory Adj. (2) Cost of Goods Sold Debit Credit 1,000 1,000 To record estimated returns Account Title Credit Cash Debit 12,000 $ Accounts Receivable 38,700 Interest Receivable 150 46,000 1,000 6,100 129,500 Merchandise Inventory Estimated Returns Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Interest Payable $ 38,795 16,000 5,000 2,900 2,100 Unearned Revenue 13,600 Notes Payable, long-term Tiger, Capital 44,000 37,200 Tiger, Withdrawals 16,000 Sales Revenue 295,000 Interest Revenue 150 Cost of Goods Sold 143,200 Z TUO 13,600 44,000 Interest Payable Unearned Revenue Notes Payable, long-term Tiger, Capital Tiger, Withdrawals Sales Revenue 37 200 16,000 295,000 Interest Revenue 150 Cost of Goods Sold Salaries Expense Selling Rent Expense_Selling Salaries Expense-Administrative Utilities Expense Administrative Depreciation Expense Equipment (Administrative) 143,200 27 500 16.100 4,500 10.600 1.295 2.100 Interest Expense Total $ 454,745 $ 454,745 Requirement 3. Prepare Tiger Electronics' multi-step income statement for year ended March 31, 2018. (E Requirement 3. Prepare Tiger Electronics' multi-step income statement for your ended March 31, 2018. Enter Seling Expenses before Administrative Expenses. Use a minus sign or parenteses to show other expenses) Data Table Review the advanted to be from Bimet2 Tiger Electronics Company Income Statement Year Ended March 31, 2018 Net Sales Revenue Cont of Goods Sold Gross Profit Operating Expenses Selling Expenses Salies panse Selling Rent Expense Selling Total Seling Expenses Administrative Expres Salaries Expense Administrative Uits lixpense Administrative Account Title Cash Accounts Receivable Merchandise inventary Office Supplies Equipment Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses: Salaries Expense Selling Rent Expense-Selling Total Selling Expenses Administrative Expenses: Salaries Expense Administrative Utilities Expense Administrative Depreciation Expense Equipment (Administrative) Total Administrative Expenses Total Operating Expenses Operating Expenses: Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income (Loss)
