ACCT122 - Introductory Financial Accounting I Assignment #2 Chapter 3 V137 1. Regina Repairs Company prepared a trial balance at its year-end date, April 30, 2021. 40 marks Make the required adjusting journal entries, based upon the following additional information. Show your calculations in the 'explanation' line. Round your answers to the nearest dollar. (20 marks) 101 110 112 113 114 124 125 130 131 160 161 210 215 220 300 310 400 450 610 630 631 640 660 665 Name: Student Number: 670 680 Cash Accounts Receivable Notes Receivable Interest Receivable Supplies Prepaid Insurance Prepaid Rent Regina Repairs Company Unadjusted Trial Balance April 30, 2021 Equipment Accumulated Depreciation, Equipment Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Unearned Revenue Jane Seemore, Capital Jane Seemore, Withdrawals Service Revenue Interest Revenue Advertising Expense Depreciation Expense, Vehicles Depreciation Expense, Equipment Insurance Expense Rent Expense Supplies Expense Utilities Expense Wages Expense $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Dr 6,400 8,000 5,200 1,100 5,800 56,200 48,200 73,900 - 11,200 35,400 Cr 14,500 2,000 5,100 128,136 1,740,900 58,300 9,000 1,688,536 1,948,936 $ 1,948,936 At the beginning of February, Regina Repairs Company signed a 4-year rental agreement with WVS Property Management Company worth $5,800 for a building for the business. They paid for the entire rental agreement up-front. No adjustment has been made yet for any rent expense. 5 The company needs to record $4,213 of depreciation on its Vehicles. The company checked the unused supplies in the storeroom and discovered $3,236 remained. Regina Repairs Company purchased Equipment during the year for $56,200 at the start of January. The asset has an estimated life of 6 years. Regina Repairs Company is open 7 days a week. This year, April 30, 2021, falls on a Friday. The weekly pay period ends on Saturdays. If the daily cost of payroll is $450, calculate the adjusting entry for the year-end that would be added to the wages of $1,688,536. The company loaned $8,000 to a customer on January 1 at an interest rate of 8%. No payment of interest or principal has happened as of year-end. During the fiscal year at the beginning of the month of January, the company 7 purchased insurance, as recorded in Prepaid Insurance. No adjustment happened all year. The insurance coverage is for 15 months.