Acct212 Financial Accounting: Week 3 Project 1 - Rawls Repair Corporation (Parts A and B)

Acct212 Financial Accounting
PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE
Rawls Repair Corporation

Due Dates:
Part A - Sunday at Midnight MST at the end of Week 3.
Part B - Sunday at Midnight MST at the end of Week 5.
Project 1 is worth at Total of 75 Points, which is 7.5% of your Grade in the Course.
Part A = 30 points and Part B = 45 points

MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 10 Sheets in the Workbook including this one.
All of the Information you need for the Project is located in this Workbook.

Part A - Due in Week 3 - Requirement 1, 2 and 3
Requirement 1 - Prepare the Journal Entries in the General Journal Jounral Entries
Requirement 2 - Post Journal Entries to the General Ledger General Ledger
Requirement 3 - Prepare a Trial Balance Trial Balance

Part B - Due in Week 5 - Requirements 4 - 10
Requirement 4 - Prepare the Adjusting Entries Adjusting Entries
Requirement 5 - Post Adjusting Entries to the General Ledger General Ledger
Requirement 6 - Prepare an Adjusted Trial Balance Adjusted TB
Requirement 7 - Prepare the Financial Statements Financial Statements
Requirement 8 - Prepare the Closing Entries Closing Entries
Requirement 9 - Post Closing Entries to the General Ledger General Ledger
Requirement 10 - Prepare the Post Closing Trial Balance Post Closing TB
During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions:
Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.
Oct. 1 Paid the premium on a one-year insurance policy, $1,200.
Oct. 1 Paid the current month's rent, $1,040.
Oct. 3 Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1. Note: Use Accounts Payable for the Balance Due.
Oct. 8 Purchased repair supplies from McKenna Company on credit, $390.
Oct. 12 Paid utility bill for October, $154.
Oct. 16 Cash bicycle repair revenue for the first half of October, $1,362.
Oct. 19 Made payment to McKenna Company, $200.
Oct. 31 Cash bicycle repair revenue for the last half of October, $1,310.
Oct. 31 Declared and paid cash dividend of $800.
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