View the step-by-step solution to:

Course Project #1 Overview Course Project #1 consists of two parts, A and B, respectively. There are 10 Requirements for you to complete in this...

(Learning Objectives 4, 5: Recording transactions directly in T-accounts; preparing and using a trial balance) During the first month of operations (November 2010), Stein Services Corporation completed the following selected transactions:
general ledger
a. The business received cash of $28,000 and a building valued at $52,000. The corporation issued common stock to the stockholders.
b. Borrowed $37,300 from the bank; signed a note payable.
c. Paid $33,000 for music equipment.
d. Purchased supplies on account, $500.
e. Paid employees’ salaries, $2,500.
f. Received $1,600 for music service performed for customers.
g. performed service for customers on account, $3,200.
h. Paid $100 of the account payable created in Transaction d.
i. Received an $800 bill for utility expense that will be paid in the near future.
j. Received cash on account, $1,200.
k. Paid the following cash expenses: (1) rent, $1,200; (2) advertising, $700.
Requirements
1. Record each transaction directly in the T-accounts without using a journal. Use the letters to identify the transactions.
2. Prepare the trial balance of Stein Services Corporation at November 30, 2010.

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.
Background image of page 1
Journal Entries General Journal Date Description (Account Name) Debit  Credit  0  -    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. Once you've c requirement p General Journ Requirement # General Ledge
Background image of page 2
Show entire document
Sign up to view the entire interaction

Top Answer

Dear Student Please find... View the full answer

Accounting-7621660.xls

ASSIGNMENT No.: 7621660
STEIN SERVICES CORPORATION T­ACCOUNTS for November 2010
CASH
e) 2,500
h) 100
k) 1,900
balance c/f 26,300
30,800
30,800 BANK
c) 33,000
balance c/f 4,300
37,300
37,300 a)...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online