Tuttle Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tuttle Electronics Company at March 31, 2024, (Click the icon to view the unadjusted trial balance.) Read the requirements. Ne Requirement 1. Journalize the adjusting entries using the following data: (Record debits first, then credits. Select the explanation on the last line of the a. Interest revenue accrued, $550. Date Accounts and Explanation Mar. 31. Interest Receivable Adj. (a) Interest Revenue To accrue interest revenue. b. Salaries (Selling) accrued, $3,000. Debit Credit 550 550 Date Accounts and Explanation Debit Credit Mar. 31 Adj. (b) Salaries Expense (Selling) 3,000 Salaries Payable 3,000 To accrue salaries expense c. Depreciation Expense-Equipment (Administrative), $1,330. Date Accounts and Explanation Debit Credit Mar. 31 Depreciation Expense-Equipment (Administrative) 1,330 Tuttle Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tuttle Electronics Company at March 3 (Click the icon to view the unadjusted trial balance.) Read the requirements. To accrue salaries expense. c. Depreciation Expense-Equipment (Administrative), $1,330. Date Accounts and Explanation Debit Credit Mar. 31 Depreciation Expense-Equipment (Administrative) 1,330 Adj. (c) Accumulated Depreciation-Equipment 1,330 To record depreciation on equipment d. Interest expense accrued, $1,700. Date Accounts and Explanation Debit Credit Mar. 31 Adj. (d) Interest Expense 1,700 Interest Payable 1,700 To accrue interest expense. e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,900. Date Accounts and Explanation Mar. 31 Cost of Goods Sold All Merchandise Inventoru Debit Credit 300 300 Tuttle Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tuttle Electronics Company at March 31, 2024, 1 (Click the icon to view the unadjusted trial balance.) Read the requirements. e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,900. Date Accounts and Explanation Mar. 31 Cost of Goods Sold Adj. (e) Merchandise Inventory Debit Credit 300 300 Adjustment for inventory shrinkage 1. Tuttle estimates that approximately $6,000 of merchandise sold will be returned with a cost of $3,000. (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. We w Date Accounts and Explanation Mar. 31 Sales Revenue Adj. (11) Refunds Payable To record estimated refunds. (2) Prepare the entry for the estimated return of merchandise. Debit Credit 6,000 6,000 Date: Mar. 31 Accounts and Explanation Estimated Returns Inventory Debit Credit 3,000 Tuttle Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tuttle Electronics Company at March 31, 2024, (Click the icon to view the unadjusted trial balance.) Read the requirements. Next question (2) Prepare the entry for the estimated return of merchandise. Date Mar. 311 Accounts and Explanation Estimated Returns Inventory Debit Credit 3,000 Adj. (12) Cost of Goods Sold 3,000 To record estimated retums. Requirement 2. Prepare Tuttle Electronics' adjusted trial balance as of March 31, 2024. Review the adjusting entries you prepared in Requirement 1. Tuttle Electronics Company Adjusted Trial Balance Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies March 31, 2024 Balance Debit Credit 11,000 38,500 45,900 6,400 Merchandise Inventory Office Supplies 45,900 6,400 Equipment 133,000 Accumulated Depreciation-Equipment $ 38,930 Accounts Payable 16,600 Unearned Revenue $ 13,300 Notes Payable, long-term 48.000 Common Stock 50,000 Retained Earnings Dividends 5,100 25,000 Sales Revenue 285,000 Sales Discounts Forfeited 400 Cost of Goods Sold 142,300 Salaries Expense (Selling) 28,000 Rent Expense (Selling) 15,700 Salaries Expense (Administrative) 5,500 Utilities Expense (Administrative) 10,700 Estimated Retums Inventory 3,000 Interest Receivable Interest Payable 550 1,700 Tuttle Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tuttle Electronics Company at March 31, 2024, (Click the icon to view the unadjusted trial balance.) Read the requirements. Interest Payable Salaries Payable Refunds Payable Interest Revenue Depreciation Expense-Equipment (Administrative) Interest Expense Total 1,700 3,000 6,000 550 1.330 1,700 468,580 $ 468,580 Next question Requirement 3. Prepare Tuttle Electronics' multi-step income statement for year ended March 31, 2024. (Enter Selling Expenses before Administrative Expenses. Use a minus sign or parents Review the adjusted trial balance from Requirement 2 Tuttle Electronics Company Income Statement Year Ended March 31, 2024 Tuttle Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tuttle Electronics Company at March 31, 2024, (Click the icon to view the unadjusted trial balance.) Read the requirements. Net Income (Loss) Next questOIT