ACCT212 Rawls Repair Corporation (Parts A and B COMPLETE)__100% Correct Answers !

Acct212 – Rawls Repair Corporation

PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE  

                  

Part A — Requirement s 1, 2 and 3    

 

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.

  

xxxxxxxx———————- AND SO ON ———————–xxxxxxxx

   

Requirement 1 – Prepare the Journal Entries in the General Journal  –  Journal Entries

Requirement 2 – Post Journal Entries to the General Ledger –  General Ledger

Requirement 3 – Prepare a Trial Balance –  Trial Balance

  

Part B — Requirements 4 – 10         

 

Prepare adjusting entries using the following information in the General Journal below.  Show your calculations!    

 

a) One month’s insurance has expired.    

  

———————- AND  SO  ON —————————-

   

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