acct212 Course Project 1 - the Rawls Repair Corporation (RRC), a brand new small business specializing
Question # 00075676
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Updated on: 06/14/2015 12:53 AM Due on: 07/12/2015
Course Project #1 Overview
The Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the
Syllabus section Due Dates for Assignments & Exams for due date information. All of the information you need to complete the
Course Project is located in this Workbook.
There are eight worksheets in the workbook you will need to complete.
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.
Scenario
Youve 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 doesnt know where to begin. Its your job to go
through the complete Accounting cycle to prepare the financial statements for the RRC.
Requirements
Guidelines
Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this
project. Should you have any questions contact your professor.
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.
Journal Entries
REQUIREMENT #1: Prepare journal entries to record the October transactions in the General
Journal below. Remember that Debits must equal CreditsAll of your Journal Entries should
balance.
Date
General Journal
Description (Account Name)
Debit
Credit
0
Once you've co
requirement pr
General Journa
Requirement #2
General Ledger
Journal Entries
REQUIREMENT #3: Prepare a trial balance for October in the space below.
Rawls Repair Corporation
Trial Balance
October 31
Account
Title
Balance
Debit
Credit
Err:502
Err:502
Only enter
accounts that
have a balance.
Journal Entries
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 Taccounts
and compute adjusted balances. Just add to the balances that are already listed.
Date
General Journal
Description (Account Name)
Debit
Credit
0
0
Click here to go to
Ledger worksheet
Requirement #5.
Journal Entries
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Rawls Repair Corporation
Adjusted Trial Balance
October 31
Account
Title
Balance
Debit
Credit
Err:502
Err:502
Only enter
accounts that
have a balance.
Journal Entries
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 TAccounts on the General Ledger worksheet and
compute ending balances. Just add to the adjusted balances already listed.
Date
General Journal
Description (Account Name)
Debit
Click here to go t
Ledger workshee
Requirement #9.
Credit
See the W
for examp
complete
0
0
Journal Entries
Requirement #10: Prepare a postclosing trial balance as of October 31 in the space
below.
Rawls Repair Corporation
PostClosing Trial Balance
October 31
Account
Title
Balance
Debit
Credit
0
0
The Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the
Syllabus section Due Dates for Assignments & Exams for due date information. All of the information you need to complete the
Course Project is located in this Workbook.
There are eight worksheets in the workbook you will need to complete.
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.
Scenario
Youve 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 doesnt know where to begin. Its your job to go
through the complete Accounting cycle to prepare the financial statements for the RRC.
Requirements
Guidelines
Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this
project. Should you have any questions contact your professor.
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.
Journal Entries
REQUIREMENT #1: Prepare journal entries to record the October transactions in the General
Journal below. Remember that Debits must equal CreditsAll of your Journal Entries should
balance.
Date
General Journal
Description (Account Name)
Debit
Credit
0
Once you've co
requirement pr
General Journa
Requirement #2
General Ledger
Journal Entries
REQUIREMENT #3: Prepare a trial balance for October in the space below.
Rawls Repair Corporation
Trial Balance
October 31
Account
Title
Balance
Debit
Credit
Err:502
Err:502
Only enter
accounts that
have a balance.
Journal Entries
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 Taccounts
and compute adjusted balances. Just add to the balances that are already listed.
Date
General Journal
Description (Account Name)
Debit
Credit
0
0
Click here to go to
Ledger worksheet
Requirement #5.
Journal Entries
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Rawls Repair Corporation
Adjusted Trial Balance
October 31
Account
Title
Balance
Debit
Credit
Err:502
Err:502
Only enter
accounts that
have a balance.
Journal Entries
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 TAccounts on the General Ledger worksheet and
compute ending balances. Just add to the adjusted balances already listed.
Date
General Journal
Description (Account Name)
Debit
Click here to go t
Ledger workshee
Requirement #9.
Credit
See the W
for examp
complete
0
0
Journal Entries
Requirement #10: Prepare a postclosing trial balance as of October 31 in the space
below.
Rawls Repair Corporation
PostClosing Trial Balance
October 31
Account
Title
Balance
Debit
Credit
0
0
-
Rating:
/5
Solution: acct212 Course Project 1 - the Rawls Repair Corporation (RRC), a brand new small business specializing