Additional Information Weyburn Company is open 7 days a week This year, November 30, 2023, falls on a Thursday The weekly pay period ends on Saturdays If the daily cost of payroll is $680, calculate the adjusting entry for the year end that would be added to the wages of $1,858,895 Weyburn Company purchased Equipment during the year for $86,300 at the start of June The asset has an estimated life of 10 years The company loaned $12,300 to a customer on June 1 at an interest rate of 12 No payment of interest or principal has happened as of year end At the beginning of May, Weyburn Company signed a 15 year rental agreement with WVS Property Management Company worth $8,900 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 During the fiscal year at the beginning of the month of June, the company purchased insurance, as recorded in Prepaid Insurance No adjustment happened all year The insurance coverage is for 19 months The company needs to record $2,726 of depreciation on its Vehicles In August, the company entered into a contract to provide services for a customer The customer paid $7,800 At year end, $910 was unearned The company checked the unused supplies in the storeroom and discovered $2,399 remained Questions Once finished with the journal entries, prepare an Adjusted Trial Balance for Weyburn Company Do not prepare a general ledger (9 marks) From the Adjusted Trial Balance, prepare the Income Statement, Statement of Changes in Equity, and Balance Sheet for the company at the year end The owner did not contribute any additional investment during the year 1 Weyburn Company prepared a trial balance at its year end date, November 30, 2023 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) Weyburn Company Unadjusted Trial Balance November 30, 2023

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 08, 2024

Additional Information: Weyburn Company is open 7 days a week. This year, November 30, 2023, falls on a Thursday. The weekly pay period ends on

image text in transcribed

Additional Information:

Weyburn Company is open 7 days a week. This year, November 30, 2023, falls on a Thursday. The weekly pay period ends on Saturdays. If the daily cost of payroll is $680, calculate the adjusting entry for the year-end that would be added to the wages of $1,858,895.
Weyburn Company purchased Equipment during the year for $86,300 at the start of June. The asset has an estimated life of 10 years.
The company loaned $12,300 to a customer on June 1 at an interest rate of 12%. No payment of interest or principal has happened as of year-end.
At the beginning of May, Weyburn Company signed a 15-year rental agreement with WVS Property Management Company worth $8,900 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.
During the fiscal year at the beginning of the month of June, the company purchased insurance, as recorded in Prepaid Insurance. No adjustment happened all year. The insurance coverage is for 19 months.
The company needs to record $2,726 of depreciation on its Vehicles.
In August, the company entered into a contract to provide services for a customer. The customer paid $7,800. At year-end, $910 was unearned.
The company checked the unused supplies in the storeroom and discovered $2,399 remained.

Questions

Once finished with the journal entries, prepare an Adjusted Trial Balance for Weyburn Company. Do not prepare a general ledger. (9 marks)
From the Adjusted Trial Balance, prepare the Income Statement, Statement of Changes in Equity, and Balance Sheet for the company at the year-end. The owner did not contribute any additional investment during the year.

1. Weyburn Company prepared a trial balance at its year-end date, November 30, 2023. 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) Weyburn Company Unadjusted Trial Balance November 30, 2023