Yorkton U-Haul Rentals prepared a trial balance at its year-end date, October 31, 2022. Make the...
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Yorkton U-Haul Rentals prepared a trial balance at its year-end date, October 31, 2022. 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. (21 marks) 101 110 112 113 114 124 125 130 131 160 161 210 215 220 300 310 400 450 610 630 631 640 660 665 670 680 Cash Accounts Receivable Notes Receivable Interest Receivable Supplies Prepaid Insurance: Prepaid Rent Yorkton U-Haul Rentals Unadjusted Trial Balance October 31, 2022 Equipment Accumulated Depreciation, Equipment Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Unearned Revenue Sharmila Sajjad, Capital Sharmila Sajjad, Withdrawals Service Revenue Interest Revenue Advertising Expense Depreciation Expense, Vehicles Depreciation Expense, Equipment Insurance Expense Rent Expense Supplies Expense Utilities Expense Wages Expense $ Dr 9,300 11,600 7,500 1,600 8,300 69,500 69,500 106,600 16,200 51,000 S 20,900 2,900 7,300 174,568 1,513,900 84,000 13,000 1,439,468 1,803,568 S 1.803,568 Yorkton U-Haul Rentals is open 7 days a week. This year, October 31, 2022, falls 1 on a Monday. The weekly pay period ends on Saturdays. If the daily cost of payroll is $1,650, calculate the adjusting entry for the year-end that would be added to the wages of $1,439,468. 2 Yorkton U-Haul Rentals purchased Equipment during the year for $69,500 at the start of February. The asset has an estimated life of 9 years. At the beginning of June, Yorkton U-Haul Rentals signed a 9-year rental agreement with WVS Property Management Company worth $8,300 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. The company loaned $11,600 to a customer on February 1, 2022, at an interest rate of 11%. No payment of interest or principal has happened as of year-end. During the fiscal year at the beginning of the month of April, the company 5 purchased insurance, as recorded in Prepaid Insurance. No adjustment happened all year. 6 The company needs to record $2,859 of depreciation on its Vehicles. In July, the company entered into a contract to provide services for a customer. The customer paid $7,300. At year-end, $988 was unearned. The company checked the unused supplies in the storeroom and discovered $2,671 remained. Yorkton U-Haul Rentals prepared a trial balance at its year-end date, October 31, 2022. 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. (21 marks) 101 110 112 113 114 124 125 130 131 160 161 210 215 220 300 310 400 450 610 630 631 640 660 665 670 680 Cash Accounts Receivable Notes Receivable Interest Receivable Supplies Prepaid Insurance: Prepaid Rent Yorkton U-Haul Rentals Unadjusted Trial Balance October 31, 2022 Equipment Accumulated Depreciation, Equipment Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Unearned Revenue Sharmila Sajjad, Capital Sharmila Sajjad, Withdrawals Service Revenue Interest Revenue Advertising Expense Depreciation Expense, Vehicles Depreciation Expense, Equipment Insurance Expense Rent Expense Supplies Expense Utilities Expense Wages Expense $ Dr 9,300 11,600 7,500 1,600 8,300 69,500 69,500 106,600 16,200 51,000 S 20,900 2,900 7,300 174,568 1,513,900 84,000 13,000 1,439,468 1,803,568 S 1.803,568 Yorkton U-Haul Rentals is open 7 days a week. This year, October 31, 2022, falls 1 on a Monday. The weekly pay period ends on Saturdays. If the daily cost of payroll is $1,650, calculate the adjusting entry for the year-end that would be added to the wages of $1,439,468. 2 Yorkton U-Haul Rentals purchased Equipment during the year for $69,500 at the start of February. The asset has an estimated life of 9 years. At the beginning of June, Yorkton U-Haul Rentals signed a 9-year rental agreement with WVS Property Management Company worth $8,300 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. The company loaned $11,600 to a customer on February 1, 2022, at an interest rate of 11%. No payment of interest or principal has happened as of year-end. During the fiscal year at the beginning of the month of April, the company 5 purchased insurance, as recorded in Prepaid Insurance. No adjustment happened all year. 6 The company needs to record $2,859 of depreciation on its Vehicles. In July, the company entered into a contract to provide services for a customer. The customer paid $7,300. At year-end, $988 was unearned. The company checked the unused supplies in the storeroom and discovered $2,671 remained.
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Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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