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 TotaI 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 incIuding this one.
AII of the Information you need for the Project is Iocated in this Workbook.
Requirements Sheet in 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
Hint for success: review the Week 2 Lecture prior to starting this project.
PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE
Name: WendeII J. Payne
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
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.
Prepare journaI entries to record the October transactions in the GeneraI JournaI beIow.
General Journal
Date Debit Credit
Oc1 1 $12,000.00
$12,000.00
Oc1 1 $1,200.00
$1,200.00
Oc1 1 $1,040.00
$1,040.00
3-Oct $4,400.00
Cash $600.00
$3,800.00
8-Oct $390.00
$390.00
12-Oct $154.00
$154.00
16-Oct $1,362.00
$1,362.00
19-Oct $200.00
Cash $200.00
31-Oct $1,310.00
$1,310.00
Cash
Revenue
Accounts Payable
Utilty Expense
Cash
Cash
Accounts Payable
Revenue
Rent Expense
Cash
Repair Supplies Equipment
Accounts Payable
Repair Supply Expense
Description(Account Name)
Cash
Common Stock
PrePaid Ìnsurance
Cash
This Sheet wiII be used for Requirements 2, 5 and 9
REQUIREMENT #2:
Post the October journaI entries to the foIIowing T-Accounts and compute ending baIances.
Oct 1 12000 Oct 1 1200 Oct 16 1362
Oct 1 1040 Oct 31 1310
Oct 3 600 31-oct $4206
Oct 12 154
Oct 16 1362
Oct 19 200
Oct 31 800
Oct 31 1310
Oct 1 1200 Oct 1st 1040
Oct 31 100
Oct 3 4400 Oct 12 154
31Oct $194
10/31 $4400
Oct 1 1200
Oct 31 100
31 Oct $70 Oct 8 390
Oct 19 200 31 Oct $70
Oct 3 3800
Oct 8 390
31 Oct $40 31 Oct $40
Oct 1 12000
31 oct $800
Cash (111) Bicycle Repair Revenue (411)
Prepaid Insurance (117) Store Rent Expense (511)
Repair Supplies (119) Utility Expense (512)
Repair Equipment (144) Insurance Expense (513)
Accum. Depr.-Repair Equipment (145) Repair Supplies Expense (514)
Accounts Payable (212) Depr. Exp.-Repair Equipment (515)
Income Taxes Payable (213) Income Taxes Expense (516)
Common Stock (311)
Retained Earnings (312)
Dividends (313)
REQUIREMENT #3:
Prepare a triaI baIance for October in the space beIow.
ACCOUNT TITLE DEBIT CREDIT
Cash (Debit) $10,678.00 $0.00
Prepaid Ìnsurance (Debit) $1,200.00 $0.00
Repair Supplies (Debit) $4,400.00 $0.00
Repair Equipment (Debit) $0.00 $0.00
Accum Dep -Repair Equipment (Credit) $0.00 $0.00
Accounts Payable (Credit) $0.00 $3,990.00
Ìncome Tax Payable (Credit) $0.00 $0.00
Common Stock (Credit) $0.00 $12,000.00
Retained Earnings (Credit) $0.00 $0.00
Dividends (Debit) $800.00
Bicycle Repair Revenue (Credit) $0.00 $2,672.00
Store Rent Expense (Debit) $1,040.00 $0.00
Utility Expense (Debit) $154.00 $0.00
Ìnsurance Expense (Debit) $0.00 $0.00
Repair Supplies Expense (Debit) $390.00 $0.00
Dep Expense - Repair Equipment (Debit) $0.00 $0.00
Ìncome Tax Expense (Debit) $0.00 $0.00
Total $18,662.00 $18,662.00
Rawls Repair Corporation
Trial Balance
October 31
Requirement #4:
Prepare adjusting entries using the foIIowing information in the GeneraI JournaI
beIow. Show your caIcuIations!
a) One month's insurance has expired.
b) The remaining inventory of repair supplies is $194.
c) The estimated depreciation on repair equipment is $70.
d) The estimated income taxes are $40.
General Journal
Date Debit Credit
1-Oct $100.00
1-Oct $100.00
1-Oct $194.00
1-Oct $194.00
1-Oct $70.00
1-Oct $70.00
1-Oct $40.00
1-Oct $40.00
Requirement #5:
Post the adjusting entries to the GeneraI Ledger T-accounts and compute adjusted baIances.
Just add to the baIances that are aIready Iisted.
ep- Expense Repair Equipment
Accumulated ep- Repair Equipment
Ìncome Tax Expense
Ìncome Tax Payable
Description(Account Name)
Ìnsurance Expense
Pre-Paid Ìnsurance
Supplies
Supplies Expense
Requirement #6:
Prepare an Adjusted TriaI BaIance in the space beIow.
Cash (Debit) $10,678.00 $0.00
Prepaid Ìnsurance (Debit) $1,100.00 $0.00
Repair Supplies (Debit) $4,400.00 $0.00
Repair Equipment (Debit) $194.00 $0.00
Accum Dep -Repair Equipment (Credit) $0.00 $70.00
Accounts Payable (Credit) $0.00 $3,990.00
Ìncome Tax Payable (Credit) $0.00 $40.00
Common Stock (Credit) $0.00 $12,000.00
Retained Earnings (Credit) $0.00 $0.00
Dividends (Debit) $800.00 $0.00
Bicycle Repair Revenue (Credit) $0.00 $2,672.00
Store Rent Expense (Debit) $1,040.00 $0.00
Utility Expense (Debit) $154.00 $0.00
Ìnsurance Expense (Debit) $100.00 $0.00
Repair Supplies Expense (Debit) $196.00 $0.00
Dep Expense - Repair Equipment (Debit) $70.00 $0.00
Ìncome Tax Expense (Debit) $40.00 $0.00
$18,772.00 $18,772.00
Rawls Repair Corporation
Adjusted Trial Balance
October 31
Requirement #7:
Prepare the financiaI statements for RawIs Repair Corporation as of October 31 in the space beIow.
You wiII onIy be preparing the Income Statement, Statement of Retained Earning and the BaIance Sheet.
The Statement of Cash FIows is a required FinanciaI Statement, but is not required for this Project.
Revenues: Retained Earnings, October 1 Assets:
Bicycle Repair Revenue $2,672.00 Add: Net Ìncome $1,072.00 Cash $10,678.00
Subtotal $1,072.00 Prepaid Ìnsurance $1,100.00
Expenses: Less: Dividends $272.00 Repair Supplies $4,400.00
Store Rent Expense $1,040.00 Retained Earnings, October 31 $272.00 Repair Equipment $194.00
Utility Expense $154.00 Less: Accum. Depr. $70.00
Ìnsurance Expense $100.00 Total Assets $16,302.00
Repair Supplies Exp. $196.00
Depreciation Exp. $70.00 Liabilities:
Ìncome Taxes Exp. $40.00 Accounts Payable $3,990.00
Total Expenses $1,600.00 Ìncome Taxes Payable $40.00
Total Liabilities $4,030.00
Net Ìncome $1,072.00 Stockholders' Equity:
Common Stock $12,000.00
Retained Earnings $272.00
Total Stockholders' Equity $12,272.00
Total Liabilities &
Stockholders' Equity $16,302.00
Rawls Repair Corporation
Income Statement
For the Month Ending October 31
Rawls Repair Corporation
Balance Sheet
October 31
Rawls Repair Corporation
Statement of Retained Earnings
For the Month Ending October 31
Requirement #8:
Prepare the cIosing entries at October 31 in the GeneraI JournaI beIow.
Hint: use the baIances for each account which appear on the Adjusted
TriaI BaIance for your cIosing entries.
General Journal
Date Debit Credit
Bicycle Repair Revenue (Credit) $2,672.00
$2,672.00
$1,600.00
$1,040.00
$154.00
$100.00
$196.00
$70.00
$40.00
$800.00
$800.00
Requirement #9:
Post the cIosing entries to the GeneraI Ledger T-accounts and compute ending baIances.
Just add to the adjusted baIances aIready Iisted.
Retained Earnings
Dividends
Ìnsurance Expense
Repair Supplies Exp.
Depreciation Exp.
Ìncome Taxes Exp.
Description (Account Name)
Retained Earnings
Retained Earnings
Store Rent Expense
Utility Expense
Requirement #10:
Prepare a post-cIosing triaI baIance as of October 31 in the space beIow.
Cash $10,678.00
Prepaid Ìnsurance $1,100.00
Repair Supplies $4,400.00
Repair Equipment $194.00
Accounts Payable $3,990.00
Ìncome Taxes Payable $40.00
Common Stock $12,000.00
Accum Dep -Repair Equipment $70.00
Retained Earnings $272.00
16372 16372
Rawls Repair Corporation
Post-Closing Trial Balance
October 31
LxcellenL Cood Þoor verv Þoor
90Ʒ Lo 100Ʒ 70Ʒ Lo 89Ʒ 30Ʒ Lo 69Ʒ Less Lhan 30Ʒ
SLep 1 Ŵ
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SLep 2Ǝ3
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unad[usLed 1rlal
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SLep 4 Ŵ
Ad[usLlna !ournal
LnLrles (10pLs)
!ournal LnLrles use
accuraLe accounLs and
amounLsŤ and deblLs
and credlLs are used
correcLlvŦ
!ournal LnLrles mosLlv
use accuraLe accounLs
and amounLsŤ and
deblLs and credlLs are
used correcLlvŦ
!ournal LnLrles have
some errors ln use of
accounLs and amounLsŤ
and deblLs and credlLs
are onlv somewhaL
used correcLlvŦ
!ournal LnLrles have
some errors ln use of
accounLs and amounLsŤ
and deblLs and credlLs
are noL used correcLlvŦ
SLep 3Ǝ6
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Ad[usLed 1rlal
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SLep 7
Ŵllnanclal
SLaLemenLs (13pLs)
All four llnanclal
SLaLemenLs are
prepared accuraLelv
and ln an approprlaLe
formaLŦ
1hree of four llnanclal
SLaLemenLs are
prepared accuraLelv
and mosLlv ln an
approprlaLe formaLţ
one sLaLemenL has
some errorsŦ
1wo of four llnanclal
SLaLemenLs are
prepared accuraLelv
and mosLlv ln an
approprlaLe formaLţ
Lwo sLaLemenLs have
some errorsŦ
Cne or fewer of four
llnanclal SLaLemenLs
are prepared accuraLelv
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approprlaLe formaLţ
Lhree or all sLaLemenLs
have some errorsŦ
SLep 8 Ŵ
Closlna !ournal
LnLrles (10pLs)
!ournal LnLrles use
accuraLe accounLs and
amounLsŤ and deblLs
and credlLs are used
correcLlvŦ
!ournal LnLrles mosLlv
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used correcLlvŦ
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some errors ln use of
accounLs and amounLsŤ
and deblLs and credlLs
are onlv somewhaL
used correcLlvŦ
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some errors ln use of
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are noL used correcLlvŦ
SLep 9Ǝ10
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closlna1rlal
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ÞosLlna ls correcL
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or noL aL allţ leadlna Lo
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CrlLerla
ÞarLsť
Þro[ect 1 kubr|c Ŵ 5tudents

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Step 8 Journal Entries -Closing use accurate Journal accounts and Entries amounts. and debits and credits are not used correctly. and (10pts) debits and credits are used correctly. (5pts) Posting is correct leading to an accurate trial balance. leading to inaccurate or no trial balance. Posting is mostly correct leading to a mostly correct trial balance. Step 9&10 -Posted and PostclosingTrial Balance. and debits and credits are only somewhat used correctly. . Journal Entries have some errors in use of accounts and amounts. and debits and credits are used correctly. Journal Entries have some errors in use of accounts and amounts. Posting has several errors leading to a trial balance with several errors. Journal Entries mostly use accurate accounts and amounts. Posting is done poorly or not at all.

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