Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Requirement 2. Prepare Triton Electronics' adjusted trial balance as of March 31, 2018 Review the adjusting entries you prepared in Requirement 1. Triton Electronics Company

image text in transcribedimage text in transcribed

Requirement 2. Prepare Triton Electronics' adjusted trial balance as of March 31, 2018 Review the adjusting entries you prepared in Requirement 1. Triton Electronics Company Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Data Table 1 Triton Electronics Company Unadjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash $ 15,000 Accounts Receivable 38.200 Merchandise Inventory 45,400 Office Supplies 6,600 Equipment 130.500 Accumulated Depreciation Equipment $ 38,500 Accounts Payable 16.900 Unearned Revenue 13.800 Notes Payable, long-term 52,000 Common Stock 35,000 Retained Earnings 800 Dividends 25.000 Sales Revenue 305,000 Cost of Goods Sold 146,000 Salaries Expense (Selling) 22.400 Rent Expense (Selling) 16,000 Salaries Expense (Administrative) 4,900 10.000 Utilities Expense (Administrative) Total $ 460,000 $ 460,000 Print Done Total Requirement 3. Prepare Triton Electronics' multi-step income statement for year ended March 31, 2018. (Enter Selling Expenses before Administrative Expenses. Use a minus sign or parentheses to show other expenses.) Review the adjusted trial balance from Requirement 2. Triton Electronics Company Income Statement Year Ended March 31, 2018 - X Requirements b 1. Journalize the adjusting entries using the following data: Interest revenue accrued. $550. Salaries (Selling) accrued. $3,300 c. Depreciation Expense-Equipment (Administrative). $1,305 d. Interest expense accrued, $1,400 e A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,000 Triton estimates that approximately $4.000 of merchandise sold will be returned with a cost of $800 2. Prepare Triton Electronics's adjusted trial balance as of March 31, 2018 3. Prepare Triton Electronics's multi-step income statement for year ended March 31, 2018 f. Print Done 1400 97445 Net Income Loss) Choose from any list or enter any number in the input fields and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CIAexcel Exam Review 2018 Part 1 Internal Audit Basics

Authors: S. Rao Vallabhaneni

1st Edition

1119482569, 978-1119482567

More Books

Students also viewed these Accounting questions