$-$ Instructions $-$

Complete the following three tasks relating to Wuycik Co$.\text{'}$s accounting process at year$-$end $2024$:

$($a$)$ Prepare the journal entries to record the omitted transactions $($T$1$ through T

$($b$)$ Prepare the journal entries to record the omitted adjustments $($A$1$ through A

$($c$)$ Prepare the resulting adjusted trial balance as of December $31,2024.$ List all the balance sheet accounts and their balances first, followed by all statement of retained earnings accounts and balances; finally list all the income statement accounts and balances. You may need to add accounts to the list based on your work in part $($a$)$ and $($b

Please observe the following checklist of instructions as you complete this assignment:

$-$ Prepare your journal entries and supporting calculations using Excel.

$-$ Show how you derived the amounts you present that were not given in the problem.

$-$ Round all dollar amounts you present in your journal entries to the nearest dollar. Wuycik Co$.$ is a retailing business operating in the southeastern US$.$ Wuycik's fiscal year$-$end is December $31,$ and it prepares financial statements just once a year, at year$-$end. The company has already recorded most of its transaction and adjusting entries for the year ended December $31,2024.$ The resulting trial balance follows:

Wuycik has not yet recorded certain transactions and adjustments, and these items are the focus of this assignment. Information pertaining to the omitted transactions and adjustments follows: Omitted Transactions $($T$1-$ T$3)$:

T$1.$ On December $31,2024,$ Wuycik engaged in an exchange of buildings with AAA Co$.$ The following information pertains to the building each company owned immediately before the exchange:

In addition, Wuycik received $\backslash (\backslash$$ $12,180\backslash )$ cash from AAA. Assume the exchange of buildings has commercial substance.

T$2.$ On December $31,2024,$ Wuycik engaged in another exchange of buildings, this one with ZZZ Co$.$ The following information pertains to the building each company owned immediately before the exchange:

In addition, Wuycik received $\backslash (\backslash$$ $32,828\backslash )$ cash from ZZZ$.$ Assume this exchange of buildings lacks commercial substance.

T$3.$ Wuycik purchased equipment on December $31,2024.$ The company gave a down payment of $\backslash (\backslash$$ $5,250\backslash )$ and signed a $7-$year promissory note for the balance due. The note requires Wuycik to make annual payments of $\backslash (\backslash$$ $4,979\backslash )$ with the first payment due on December $31,2025.$ The prevailing market rate of interest for comparable notes is $\backslash (9\backslash \%\backslash ).$

Omitted Adjustments $($Al $-$ A$9)$:

A$1.$ On January $2,2024,$ Wuycik received a promissory note from a customer as consideration in an inventory sale transaction. Wuycik recorded the sale, but it has not yet recorded the interest earned on the note during $2024.$ The $\backslash (4\backslash \%,\backslash$$ $33,625\backslash )$ term note requires the customer to pay interest annually each January $1,2025$ through $2027.$ The relevant market rate of interest on the issue date was $\backslash (8\backslash \%\backslash ).$

A$2.$ Wuycik purchased its buildings in $2014$ and its equipment in $2017.$ Wuycik uses the straight$-$line depreciation method. For the buildings, the company uses an estimated life of $36$ years and no salvage value. For the equipment, it uses an estimated life of $9$ years and no salvage value. Note $-$For the $2024$ depreciation calculations, ignore the new fixed assets Wuycik acquired on December $31,2024-$ the new buildings and equipment received in T$1,$ T$2$ and T$3.$ Do consider the old buildings Wuycik gave in T$1$ and T$2,$ though, as the company used these assets for the full year. You should assume that Wuycik computed the $2024$ depreciation on them for T$1$ and T$2,$ but has not yet recorded the amounts.$)$ A$3.$ The Notes Payable balance of $\backslash (\backslash$$ $759,320\backslash )$ results from two loans the company has taken. On May $1,2023,$ Wuycik took a $5-$year, $\backslash (5\backslash \%,\backslash$$ $635,320\backslash )$ loan. The interest on this loan is payable annually, on each April $30.$ Also, on June $1,2024,$ Wuycik took a $1-$year, $\backslash (8\backslash \%,\backslash$$ $124,000\backslash )$ construction loan $($see A $5$ below$).$ The interest on the construction loan is payable on the loan's maturity date, May $31,2025.($Note $-$ Wuycik already recorded the interest paid on these loans in $2024.$ For this adjustment, consider any accrued interest on the loans at the December $31,2024$ reporting date.$)$

A$4.$ On October $29,2024,$ Wuycik received $\backslash (\backslash$$ $51,210\backslash )$ from a customer as payment in advance for goods to be delivered over the next $8$ months. The company recorded the collection in advance into a liability account $($Unearned Sales Revenue$).$ As of December $31,2024,$ Wuycik has delivered $\backslash (\backslash$$ $9,467\backslash )$ of the goods promised to the customer.

A$5.$ On April $11,2024,$ Wuycik hired a contractor to construct a new office building. The construction work commenced on June $1,2024,$ and it is expected to continue through November $30,2025,$ the estimated completion date. Wuycik made progress payments to the contractor in $2024$ as follows:

As stated in A$3$ above, Wuycik took a $1-$year, $\backslash (8\backslash \%,\backslash$$ $124,000\backslash )$ construction loan to help fund the work on this project. The company also has a $5-$year, $\backslash (5\backslash \%,\backslash$$ $635,320\backslash )$ loan that is not r