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Project1InstructionsandWorkbookB

Project1InstructionsandWorkbookB - Oct 12 Paid utility bill...

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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 wa placed on account. Payments will be $200.00 per month for nineteen months. The first payment Note: Use Accounts Payable for the Balance Due. Oct. 8 Purchased repair supplies from McKenna Company on credit, $390.
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Unformatted text preview: 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 journal entries to record the October transactions in the General Journal below. General Journal Date Description(Account Name) Debit Credit 1-Oct Cash 12,000 Common Stock 12,000 1-Oct Prepaid Insurance 1,200 Cash 1,200 1-Oct Store Rent Expense 1,040 Cash 1,040 3-Oct Repair Equipment 4,400 Cash 600 Accounts Payable 3,800 8-Oct Repair Supplies 390 Accounts Payable 390...
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