project 1 new template

project 1 new template - Include your last name in the...

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Include your last name in the filename when you save your work!!!!! PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE end of week 3 Every journal entry requires posting to the corresponding T-account RE TO COMPLETE ALL 10 REQUIREMENTS WHICH ARE LISTED UNDER THREE After all entries are posted determine the account balance. All accounts begin at zero. E TABS. The forth tab includes scoring guidelines that your instructor will be using. REQUIREMENT #2: REQUIREMENT #3: Post the October journal entries to the following T-Accounts and compute ending balances. Prepare a trial balance for October in the space below. first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, You use the balances from the T-accounts the following transactions: Began business by making a deposit in a company bank account of $12,000, in exchange Cash (111) Bicycle Repair Revenue (411) Rawls Repair Corporation for 1,200 shares of $10 par value common stock. 12000 Trial Balance October 31 Paid the premium on a one-year insurance policy, $1,200. Debit Credit Paid the current month's rent, $1,040. Cash Prepaid Insurance Purchased repair equipment from Conklin Company, $4,400. The terms were $600 down and $200 Repair Supplies per month for nineteen months. The first payment is due November 1. Repair Equipment Accounts Payable Purchased repair supplies from McKenna Company on credit, $390. Common Stock Prepaid Insurance (117) Store Rent Expense (511) Dividends Paid utility bill for October, $154. Bicycle Repair Revenue Store Rent Expense Cash bicycle repair revenue for the first half of October, $1,362. Utility Expense Made payment to McKenna Company, $200. Cash bicycle repair revenue for the last half of October, $1,310. Repair Supplies (119) Utility Expense (512) Check Figure-Debits total You will not receive full credit Declared and paid cash dividend of $800. $18,662.00 0 0 by simply typing in check figure MENT #1: REQUIREMENT #4: ournal entries to record the October transactions in the General Journal below. Repair Equipment (144) Insurance Expense (513) To complete requirement #4, open the tab at the bottom of the screen labeled "Adjustments". nts you will be using are given to you in the T-accounts, no new accounts need to be added.
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This note was uploaded on 08/19/2009 for the course ACCT acct 212 taught by Professor Boyle during the Spring '09 term at DeVry Alpharetta.

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project 1 new template - Include your last name in the...

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