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Regina Repairs Company May 31, 2021 Dr Cr 101 Cash $ 6,700 110 Accounts Receivable $ 112 Notes Receivable $ 8,400 113 Interest Receivable
Regina Repairs Company May 31, 2021 Dr Cr 101 Cash $ 6,700 110 Accounts Receivable $ 112 Notes Receivable $ 8,400 113 Interest Receivable $ 114 Supplies $ 5,400 124 Prepaid Insurance $ 1,200 125 Prepaid Rent $ 6,000 130 Equipment $ 50,200 131 Accumulated Depreciation, Equipment $ 160 Vehicles $ 50,200 161 Accumulated Depreciation, Vehicles $ 15,100 210 Accounts Payable $ 2,100 215 Wages Payable $ 220 Unearned Revenue $ 5,300 300 Jimmy Heartthrob, Capital $ 141,833 310 Jimmy Heartthrob, Withdrawals $ 77,000 400 Service Revenue $ 1,189,400 450 Interest Revenue $ 60,700 610 Advertising Expense $ 11,700 630 Depreciation Expense, Vehicles $ 631 Depreciation Expense, Equipment $ 640 Insurance Expense $ 660 Rent Expense $ 36,800 665 Supplies Expense $ - 670 Utilities Expense $ 9,400 680 Wages Expense $ 1,151,433 $ 1,414,433 $ 1,414,433 Required: a) Make the following required adjusting journal entries. Show your calculations in the 'explanation' line. Round your answers to the nearest dollar. (20 marks) 1) Regina Repairs Company is open 7 days a week. This year, May 31, 2021, falls on a Monday. The weekly pay period ends on Saturdays. If the daily cost of payroll is $1,350, calculate the adjusting entry for the year-end that would be added to the wages of $1,151,433. 2) At the beginning of April, Regina Repairs Company signed a 3-year rental agreement with WVS Property Management Company worth $6,000 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. 3) Regina Repairs Company purchased Equipment during the year for $50,200 at the start of March. The asset has an estimated life of 6 years. 4) The company checked the unused supplies in the storeroom and discovered $3,224 remained. 5) The company needs to record $3,900 of depreciation on its Vehicles. 6) The company loaned $8,400 to a customer on March 1, 2021, at an interest rate of 9%. No payment of interest or principal has happened as of year-end. 7) During the fiscal year at the beginning of the month of April, the company purchased insurance, as recorded in Prepaid Insurance. No adjustment happened all year. 8) In April, the company entered into a contract to provide services for a customer. The customer paid $5,300. At year-end, $1,143 was unearned. b) Prepare the Adjusted Trial balance (9 marks) c) Prepare the income statement, statement of changes in equity, and balance sheet for the year in proper format (11 marks)
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