1. Journalize the adjusting entries using the following data:
a. Interest revenue accrued, $300.
b. Salaries (Selling) accrued, $2,400.
c. Depreciation Expense Equipment (Administrative), $1,310.
d. Interest expense accrued, $1,300.
e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $44,900.
2. Prepare Thomas Electronics adjusted trial balance as of October 31, 2016.
3. Prepare Thomas Electronics multi-step income statement for year ended October 31, 2016.
4. Prepare Thomas Electronics statement of retained earnings for year ended October 31, 2016.
5. Prepare Thomas Electronics classified balance sheet in report form as of October 31, 2016.