In the attached document the pages that are in yellow are the ones that need to be done Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show yo

In the attached document the pages that are in yellow are the ones that need to be done

Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations!

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.

Requirement #5: Post the adjusting entries on October 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.

REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.

Requirement #7: Prepare the financial statements for Rawls Repair Corporation as of October 31 in the space below.

Requirement #8: Prepare the closing entries at October 31 in the General Journal below. Hint: use the balances for each account which appear on the Adjusted

Trial Balance for your closing entries.

Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed.

Requirement #10: Prepare a post-closing trial balance as of October 31 in the space below.

4 Prepare the Adjusting Entries Adjusting Entries

5 Post Adjusting Entries to the General Ledger General Ledger

6 Prepare an Adjusted Trial Balance Adjusted TB

7 Prepare the Financial Statements Financial Statements

8 Prepare the Closing Entries Closing Entries

9 Post Closing Entries to the General Ledger General Ledger

10 Prepare the Post Closing Trial Balance Post Closing TB

ATTACHMENT PREVIEW

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Course Project #1 Overview
Scenario
Requirements
Guidelines
 For Part A:
For Part B:
Course Project #1 consists of two parts, A and B, respectively.  There are 
10
 Requirements for you to complete in this exercise,
 
Part A has 1-3
 and 
Part B has 4-10
.  Part A is due at the end of Week 3. Part B is due at the end of Week 5.  See Syllabus/”Due 
Dates for Assignments & Exams” for due date information. All of the information you need to complete Course Project #1 is located 
in this Workbook.  
• There are 
8
 worksheets in the workbook you will need to complete for Parts A & B.
• A list of 
October transactions
• A 
Chart of Accounts
 reference sheet
• A 
Grading Rubric
 to help explain what is expected.
• Each worksheet has the Check Figures embedded as a comment.
You’ve just secured a new client in your accounting practice, the Rawls Repair Corporation, (RRC) a brand new small business 
specializing in bicycle repair.  The owner, Rob Rawls, is a terrific cyclist and bike repair specialist, but definitely not an accountant.  
Your job is to help Rob put his affairs in order.  Luckily Rob has only been in operation for a month and things have not gotten too 
out of hand yet!  Rob has to submit his financial statements to his investors and doesn’t know where to begin.  It’s your job to go 
through the complete Accounting cycle to prepare the financial statements for the RRC.
•         Complete Requirements 1-3 on the Journal Entries, General Ledger, and Trial Balance worksheets.
•         Type your work directly into the worksheets.
•         Save your workbook as “CourseProject1A_ ACCT212_YourLastName”.
•         Submit the workbook to the DropBox under “Course Project 1-Part A” by the end of Week 3.
•         Using feedback from your instructor and Part A, complete Requirements 4-10.
•         Type your work directly into the worksheets.
•         Save your workbook as “CourseProject1B_ACCT212_YourLastName”.
•         Submit the workbook to the DropBox under “Course Project 1-Part B” by the end of Week 5.
Before You Begin:
Review 
the Week 2 Lecture prior to starting work 
on this project.
Print 
the Chart of Accounts and October 
Transactions worksheets for your reference.  You 
will need to refer to both throughout the project.
Review 
the Grading Criteria.
SAVE 
your work frequently in this workbook.

Unlock Solution Unlocking…

Journal Entries
General Journal
Date
Description (Account Name)
Debit
 Credit 
Oct. 1
Cash-Assets
12,000
Common Stock-Stockholders Equity
 12,000 
To record issue of common stock for cash
Oct. 1
Prepaid Insurance-Assets
1,200
Cash
 1,200 
Record of payment of one year insurance
Oct. 1
Store Rent Expense-Expenses
1,040
Cash
 1,040 
Record of payment of current month’s rent
Oct. 3
Repair Equipment-Assets
4,400
Accounts Payable
 3,800 
Cash
 600 
Oct. 8
Repair Supplies-Assets
390
Accounts Payable-Liabilities
 390 
Record of purchase of supplies on account
Oct. 12
Utility Expense-Expenses
154
Cash
 154 
Record of payment of utility bill
Oct. 16
Cash-Assets
1,362
Bicycle Repair revenue-Revenue
 1,362 
Oct. 19
Accounts Payable
200
Cash
 200 
Record of payment on account
Oct. 31
Cash
1,310
Bicycle Repair revenue-Revenue
 1,310 
Oct. 31
Dividends-Stockholders equity
800
Cash
 800 
Record of payment of Dividends
22,856
 22,856 
REQUIREMENT #1:
 Prepare journal entries to record the October transactions in the General 
Journal below.  
Remember that Debits must equal Credits – All of your Journal Entries should 
balance.
Record of purchase of Repair equipment with part 
payment in cash and balance on account
Record of Cash bicycle repair revenue for first half of 
October
Record of Cash bicycle repair revenue for Second half of 
October
Once you’ve co
requirement pr
General Journ
Requirement #
General Ledge

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