devry acct212 full course latest august [ all week discussion full course project midterm check points and paper

devry acct212 full course latest august [ all week discussion full course project midterm check points and paper

Question # 00100080 Posted By: spqr Updated on: 09/03/2015 02:00 AM Due on: 10/12/2015
Subject Accounting Topic Accounting Tutorials:
Question
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discussions



week 1

Financial Statements (graded)

I suspect that most of us can view and appreciate most sports such as baseball, football, and basketball. What if you were to view a Cricket World Cup game? If you didn't know the rules you probably would not have much fun. The same happens in business if you don't understand its language - Accounting. What rules impact a business' Accounting Information System? What types of compliance is required?





diss 2

Course Project (graded)

In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of Course Project. Let's start with Exercise 1-17A. Read about CoffeeShop Doughnuts and select one of the four requirements to answer



week 2


Accounting System (graded)

Last week, we discussed "The Language of Business" and why the accounting information system is important in business. This week, we are going to look at the mechanics of how it all works. It might be a bit easier if we started with an example which would be the Genie Car Wash, Inc. in Chapter 2 of your textbook. Pick a transaction from Genie and let us know how it impacts the accounting equation. Make sure to identify the two accounts impacted. Why is it important to record your selected transaction?




Course Project (graded)

In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project. As you complete the requirements of Week 2, you should review the Course Project tab in Course Home, as you could start work on the Project. The template for the Course Project is located in Doc Sharing.

Let's start with Exercise 2-16A. Select one of the nine financial transactions of the medical practice of Bob Morin, P.C. Develop a journal entry with date and explanation. Post it in this discussion and then conduct peer reviews of your classmates. The next requirement is to select one of the five questions (a-e) and post an answer. Do show your computations.




week 3

Course Project (graded)

Go to Course Home and review the Course Project tab. Then download the Course Project template from Doc Sharing. In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project.

Let's start with a review of the first three requirements of the Course Project. Explain why it is important to analyze each financial transaction of a business and to report it in the Accounting Information System. Suggestion: Revisit and review the Lecture tab in Weeks 1 and 2.







week 4


Inventory Management (graded)

A review of the balance sheet of a retailer, such as Wal-Mart, will disclose that in current assets the majority investment is in inventory. With manufacturers, such as Ford, the inventory is spread between three different categories. Let's start our discussion with some basic inventory questions. How is inventory valued? Which inventory valuation method is most popular and why? What impact on the financial reports can the selection of an inventory valuation method have?




Course Project (graded)

Go to Course Home and review the Course Project tab. Continue to use the Course Project template from Doc Sharing. In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project.

Let's start with Exercise 3-22A and practice developing journal entries to make adjustments. Select one of the six transactions and develop the adjusting journal entry. If you are using an example found in the textbook do mention the page number.





week 5


Non-Current Assets and Related Liabilities (graded)

In the spotlight about FedEx Corporation, you get a feel for the amount of investment in assets and the resulting liabilities that are required to operate a competitive corporation. Even small businesses require plant, property, and equipment to compete and normally rely on some form of debt to finance themselves. Let's start up a company that sells auto parts, like Napa or Auto Zone. What assets would we require? How might we finance them?


diss 2

Course Project (graded)

Go to Course Home and review the Course Project tab. Continue to use the Course Project template from Doc Sharing. In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project.

Let's start with Exercise 3-30A. For the Anderson Production Company, select one adjusting and one closing entry requirement. Develop the journal entry for review by your peers. Make sure to reference any page numbers of examples you are using. Hint: Revisit the Week 2 Lecture.





week 6

Stockholders' Equity (graded)

When forming a company, the options are sole proprietor, partnership, and corporation. Most choose corporation. Why is the corporate form seen to be best? What rights do the stockholders have?

Statement of Cash Flows (graded)

Let's start with gaining an understanding of the Statement of Cash Flows. From Exercise 12-17A, select one of the journal entries and explain how the accounts in the journal entry impact the statement of cash flows.







week 7



Analysis Exercises (graded)

Let's start with Exercise 13-19A by preparing a common-size income statement for the McMahon Music Co. Do this in Excel. Do not post your spreadsheet in the discussion, but rather, place a screenshot of it. How did you format the cells? Any suggestions on where to obtain assistance with building the spreadsheet?

This section lists options that can be used to view responses.
















week 3 research paper




This week's discussion post will be a formal research paper. Your paper should be in APA format (cover page, double-spaced, 12-point font, reference page, etc.) and approximately 2 pages not including the cover and reference page. Please submit your edited final version to the week three discussion paper dropbox. Write your paper based on the following information:


Unfortunately, a quick scan of the business news will normally result in reports of unethical business behavior. To prove this point, let's start with a review of the news for stories about fraud and other unethical behavior in business. You can use the University Library to start your search. Once you have located an article develop a research paper summarizing the important information. Make sure that you give credit to your source(s).


week 7 research


week 7



This week's discussion post will be a formal research paper. Your paper should be in APA format (cover page, double-spaced, 12-point font, reference page, etc.) and approximately 2 pages not including the cover and reference page. Please submit your edited final version to the week seven discussion paper dropbox. Write your paper based on the following information:

You have just been hired as a financial analyst for LP Marshall Capital. As an initial project, your manager has asked you to explain how ratio analysis can be used to evaluate a firm's ability to pay its debt. She also would like to know which financial reports you would analyze. Finally, she would like for you to include in your report a brief summary of the red flags that can be identified using financial statement analysis.











midterm


(TCO 1) The Accounting Equation is used to develop the organization's financial reports. (1) Describe what liabilities value would be if Assets are $50,000 and Owners' Equity is $25,000 by showing the Accounting Equation (10 points) and (2) provide an example of two liability accounts. (10 points)

Question 2. Question : (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement should be prepared first and why (10 points), and (2) explain what information this financial statement provides. (10 points)

Question 3. Question : (TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the International Financial Reporting Standards (IFRS) are (10 points) and (2) provide an example of its application. (10 points)

Question 4. Question : (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $535,000. (1) Name the accounts impacted and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

Question 5. Question : (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month, $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month, $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 5) E-commerce creates its own risks, and therefore special internal controls. (1) Identify and explain one pitfall and one security measure for an online business (10 points) and (2) provide examples of how your selected security measure will strengthen internal control. (15 points)

Question 2. Question : (TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation. (Use the format shown on page 251 of your textbook.) (25 points)

Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August 31.

•????????A NSF check from Johnny Jones for $3,164.

•????????Two deposits made on August 31 were not on the bank statement, totaling $2,897.

•????????The bank collected an EFT payment for Rent for $2,600.

•????????August 31 balance in Cash was $2,005.

•????????The owner had written check #1598 for $500 and recorded this check as $5,000.

•????????The balance on the bank statement as of August 31 was $5,316.

•????????Bank service charge of $28 was shown on the bank statement.

•????????Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the









check points



(TCO 6)


Which of the following is a natural resource?

Patents

Timber

Gas reserves

both B and C

Question 2. Question :

(TCO 6) The process of allocating the cost of a plant asset to expense over the period in which the asset is used is called

amortization.

allocation.

depreciation.

disclosure.

Instructor Explanation: See Chapter 7.

Points Received: 3 of 3

Comments:

Question 3. Question :

(TCO 6) Natural resources

are not physically used up over time.

have a contra account, accumulated amortization.

are recorded on the books using the relative sales-value method.

are depleted using the unit-of-production method.

Question 4. Question :

(TCO 6) An investor who owns 25% of the outstanding stock of another company should report the investment using the

market value method.

consolidated method.

equity method.

historical cost method.

Question 5. Question :

(TCO 6) The future value of 1 will always be

equal to 1.

greater than 1.

less than 1.

equal to the interest rate.

Question 6. Question :

(TCO 6) A current liability is a debt that can reasonably be expected to be paid

within 1 year or the company's normal operating cycle (if it is longer than 1 year).

between 6 months and 18 months.

out of cash on hand.

out of current revenues.

:

Question 7. Question :

(TCO 6) The current ratio is current assets

minus current liabilities.

divided by current liabilities.

plus current liabilities.

multiplied by current liabilities.

Question 8. Question :

(TCO 6) The market interest rate is also referred to as the

contractual rate.

coupon rate.

effective rate.

stated rate.

Question 9. Question :

(TCO 6) Bonds which are backed only by the good faith of the borrower are referred to as

junk bonds.

unregistered bonds.

debenture bonds.

callable bonds.

Question 10. Question :

(TCO 6) The financing option that has the lowest risk to a company is financing by

retained earnings.

issuing stock.

issuing bonds payable.

issuing notes payable.




week 1


(TCO 1) Accounting

measures business activities.

processes data into reports and communicates the data to decision makers.

is often called the language of business.

All of the above

Question 2. Question :

(TCO 1) The _____ is elected by the stockholders and is responsible for setting policy and appointing officers.

board of directors

chief executive officer (CEO)

chief financial officer (CFO)

advisory council

Question 3. Question :

(TCO 1) The Financial Accounting Standards Board is responsible for establishing

the code of professional conduct for accountants.

the Securities and Exchange Commission.

generally accepted accounting principles.

international accounting financial standards.

Question 4. Question :

(TCO 1) The accounting assumption that states that the business, rather than its owners, is the reporting unit is the

entity assumption.

going concern assumption.

stable-monetary-unit assumption.

historical cost assumption.

Question 5. Question :

(TCO 1) The accounting equation can be stated as

Assets + Stockholders' Equity = Liabilities.

Assets - Liabilities = Stockholders' Equity.

Assets = Liabilities - Stockholders' Equity.

Assets - Stockholders' Equity + Liabilities = Zero.

Question 6. Question :

(TCO 1) The owners' equity of any business is its

revenues minus expenses.

assets minus liabilities.

assets plus liabilities.

paid-in capital plus assets.

Question 7. Question :

(TCO 1) Net income is computed as

revenues - expenses - dividends.

revenues + expenses.

revenues - expenses.

revenues - expenses + dividends.

Question 8. Question :

(TCO 1) A company's gross profit for the period is reported on the

balance sheet.

income Statement.

statement of cash flows.

statement of retained earnings.

Question 9. Question :

(TCO 1) An investor wishing to assess a company's overall financial position at the end of the period would probably examine the

statement of cash flows and the income statement.

income Statement only

balance sheet.

statement of retained earnings.

3 of 3

Comments:

Question 10. Question :

(TCO 1) With the statement of cash flows

cash payments are considered positive amounts.

each category of cash flows either increases or decreases cash.

operating activities must increase the company's cash balance.

the beginning cash balance is reconciled to the ending balance of retained earnings.





week 2



(TCO 2) A company received cash in exchange for issuing s

tock. This transaction increased assets and

increased expenses.

increased revenues.

increased liabilities.

increased equity.

Question 2. Question :

(TCO 2) A company performed services for a customer for cash. This transaction increased assets and

decreased equity.

increased liabilities.

increased expenses.

increased revenues.

Question 3. Question :

(TCO 2) When a company pays an amount it owes a creditor

assets are decreased and net income is decreased.

assets are decreased and liabilities are increased.

liabilities are decreased and net income is increased.

assets are decreased and liabilities are decreased.

Question 4. Question :

(TCO 2) The left side of a T-account is always the

increase side.

decrease side.

debit side.

credit side.

Question 5. Question :

(TCO 2) Which accounts are increased by debits?

Cash and accounts payable

Salaries expense and common stock

Accounts receivable and utilities expense

Accounts payable and service revenue

Question 6. Question :

(TCO 2) Accounting transactions are initially recorded in the

T-account.

ledger.

journal.

financial statements.

Question 7. Question :

(TCO 3) Under accrual accounting, the impact of a business transaction is recorded

as it occurs.

when cash is received or paid.

at the end of the accounting period.

only if the amount of the transaction is material.

Question 8. Question :

(TCO 3) The event that triggers revenue recognition for the sale of goods is the

date a contract is signed.

date cash is received.

transfer of control of the goods to the purchaser.

completion of the services.

Question 9. Question :

(TCO 3) In what order are financial statements generally prepared?

Balance sheet, income statement, and statement of retained earnings

Income statement, statement of retained earnings, and balance sheet

Income statement, balance sheet, and statement of retained earnings

Statement of retained earnings, balance sheet, and income statement

Question 10. Question :

(TCO 3) After the closing entries are prepared

all asset accounts will have a zero balance.

the Retained Earnings account will have the ending balance.

the temporary accounts will have debit balances.

all liability accounts will have a zero balance.





week 6


(TCO 7) The chairperson of the board of directors has the title of

chief financial officer (CFO).

president.

chief executive officer (CEO).

chief operating officer (COO).

Question 2. Question :

(TCO 7) The basic unit of ownership for a corporation is

dividends.

stock.

retained earnings.

capital.

Question 3. Question :

(TCO 7) When a company issues common stock greater than its par value, the excess should be credited to

retained earnings.

common stock.

paid-in capital in excess of par.

capital.

Question 4. Question :

(TCO 7) Reasons that a company would purchase treasury stock include all of the following except

management wants to avoid a takeover by an outside party.

it needs the stock for distribution to employees under stock purchase plans.

it wants to increase net assets by buying its stock low and reselling it at a higher price.

management wants to decrease earnings per share of common stock.

Question 5. Question :

(TCO 7) The date when a cash dividend becomes a legal obligation is on the

date of record.

declaration date.

last day of the corporate year.

payment date.

:

Question 6. Question :

(TCO 7) Book value per share of common stock is computed by dividing

total paid-in capital by the number of common shares of stock issued.

total paid-in capital by the number of common shares of stock outstanding.

total stockholders' equity by the number of common shares of stock issued.

total stockholders' equity by the number of common shares of stock outstanding.

Question 7. Question :

(TCO 1) The statement of cash flows

can be prepared instead of an income statement.

must be prepared daily.

summarizes the operating, financing, and investing activities of an entity.

is part of the income statement.

Question 8. Question :

(TCO 1) Creditors analyze the statement of cash flows to determine

total interest earned during the period.

the quality of the company's earnings.

whether or not the company can pay interest on debt.

if management was overpaid.

Question 9. Question :

(TCO 1) The three types of activities reported on the statement of cash flows are

operating, investments, and financing.

operating, investing, and free flow.

operating, investing, and financing.

operating, indirect, and direct.

Question 10. Question :

(TCO 1) Investing activities include

obtaining cash from creditors.

collecting cash on loans.

obtaining capital from owners.

repaying borrowed money.







week 7



(TCO 1) The primary focus of horizontal analysis is

percentage changes in comparative financial statements.

the balance sheet only.

the changes in individual financial statement amounts as a percentage of some related total.

the change in key financial statement ratios over a certain time frame.

Question 2. Question :

(TCO 1) Horizontal analysis is performed on

only the income statement.

only the balance sheet.

only the statement of retained earnings

the income statement, the balance sheet, and the statement of retained earnings.

Question 3. Question :

(TCO 1) Which of the following is typically used as the base in a vertical analysis of a balance sheet?

Total liabilities

Cash

Total assets

Gross sales

Question 4. Question :

(TCO 1) Common-size analysis is also known as

trend analysis.

ratio analysis.

vertical analysis.

matrix analysis.

Question 5. Question :

(TCO 1) Which of the following would be most helpful in the comparison of different size companies?

Horizontal analysis

Comparison of their net incomes

Comparison of their working capital balances

Preparation of common-size financial statements

Question 6. Question :

(TCO 1) Walton Company's return on sales for the most recent year was 5%. The industry leader reports a return on sales of 7%. The comparison of each company's return on sales is an example of

benchmarking.

gross margin analysis.

detail analysis.

intercompany analysis.

:

Question 7. Question :

(TCO 1) When analyzing the statement of cash flows, which of the following statement are true?

Cash has no effect on the success of the company.

Cash is ignored when analyzing a company.

An excess of cash is the sign of a healthy company.

A company with a large cash balance is ensured success.

Question 8. Question :

(TCO 1) On a statement of cash flows, an increase or decrease in inventory is considered

an operating activity.

an investing activity.

a financing activity.

an investing or financing activity.

Question 9. Question :

(TCO 1) The ratio that measures the number of times that operating income can cover interest expense is the

leverage.

rate of return on total assets.

debt ratio.

times-interest-earned ratio.

Question 10. Question :

(TCO 1) Which of the following combines the concepts of accounting income and corporate finance to measure whether the company's operations have increased stockholder wealth?

Gross profit margin

Earnings per share

Economic value added

Price/earnings ratio





week 4



(TCO 4) For a merchandising company

the balance sheet reports the cost of the inventory that was on hand at the beginning of the period.

the income statement reports the cost of the inventory sold during the period.

ending inventory can be an asset or an expense.

inventory is generally not a significant factor in their operations.

Question 2. Question :

(TCO 4) Two accounts that would appear on the financial statements of a merchandising company that are not needed by a service company are

cost of goods sold and depreciation.

cost of goods sold and net income.

cost of goods sold and inventory.

inventory and depreciation.

Question 3. Question :

(TCO 4) A periodic inventory system

is used for inexpensive goods.

is not expensive to maintain.

does not keep a running record of inventory on hand.

is all of the above.

Comments:

Question 4. Question :

(TCO 4) All of the following costs would be included in inventory except for

freight-in.

income taxes.

taxes paid on the purchase price.

insurance while in transit.

Question 5. Question :

(TCO 4) If the cost to purchase a unit of inventory does not change, ending inventory

will be the highest under FIFO.

will be the highest under LIFO.

cannot be computed using the average-cost method.

will be the same under LIFO and FIFO.

Question 6. Question :

(TCO 4) To determine cost of goods sold under the FIFO method

the first costs into inventory are the first costs assigned to cost of goods sold.

the last costs into inventory are the first costs assigned to cost of goods sold.

the average cost of the inventory must be determined.

the company must first determine the specific units sold.

Question 7. Question :

(TCO 4) Under the _____ method, ending inventory is based on the costs of the most recent purchases.

average-cost

FIFO

LIFO

specific-identification

Question 8. Question :

(TCO 4) The disclosure principle requires that management prepare financial reports that disclose all of the following types of information except

information that is relevant to decision making.

forecasts of expected future earnings to help investors decide whether to invest in the company.

the method of inventory used.

information that facilitates comparison with other companies' financial reports.

Question 9. Question :

(TCO 4) The lower-of-cost-or-market rule requires a company to report inventories at the lower of

historical cost or current sales price.

historical cost or current replacement cost.

current replacement cost or sales invoice price.

FIFO cost or LIFO cost.

Question 10. Question :

(TCO 4) The gross profit rate is calculated as

cost of goods sold divided by net sales revenue.

net sales revenue minus gross profit on sales.

net sales revenue minus cost of goods sold.

gross profit divided by net sales revenue.






week 3


(TCO 5) The two most common types of fraud impacting financial statements are

fraudulent financial reporting and e-commerce fraud.

misappropriation of assets and embezzlement.

fraudulent financial reporting and misappropriation of assets.

cooking the books and fraudulent financial reporting.

Question 2. Question :

(TCO 5) Which of the following is a true statement regarding fraud?

Fraud is committed when an error is made.

Fraud does not occur in not-for-profit organizations.

The expansion of e-commerce has caused fraud to decrease.

Most businesses surveyed had experienced fraud.

Question 3. Question :

(TCO 5) Internal control is a plan of organization and system of procedures implemented by company _____ and the _____ designed to accomplish five objectives.

internal auditors, employees

external auditors, management

management, board of directors

employees, board of directors

Question 4. Question :

(TCO 5) A fidelity bond is a(n)

employment contract for a specified period of time.

insurance policy that reimburses a company for employee theft.

contract prohibiting former employees from working for a competitor.

promise by a company to safeguard customers' personal information.

Question 5. Question :

(TCO 5) Proper separation of duties and physical safeguards to protect assets from theft are part of a company's

information system.

control procedures.

control monitoring.

personnel maintenance.

Question 6. Question :

(TCO 5) E-commerce pitfalls include all of the following except

stolen credit card numbers.

phishing expedition.

encryption reporting.

Trojan horses.

Question 7. Question :

(TCO 5) When preparing a bank reconciliation, which of the following items should be added to the book balance?

EFT receipts

Deposits in transit

Collection items

Both EFT receipts and collection items

Question 8. Question :

(TCO 5) Which of the following is an accurate statement regarding cash receipts over the counter?

The point-of-sale terminal electronically transmits a record of the sale to the store's main computer.

Employees should take the deposit to the bank.

The cashier should reconcile the electronic record of the sales per the terminal to the record of cash received.

Point-of-sale terminals cannot assist in inventory control.

Question 9. Question :

(TCO 5) Another name for short-term investments is

equity investments.

marketable securities.

market investments.

available-for-sale securities.

Question 10. Question :

(TCO 5) A business offers credit terms of 1/15, n/30. These terms indicate that

the total amount of the invoice must be paid within 15 days.

a discount of 1% can be taken if the invoice is paid within 15 days.

the buyer can take a 1% discount if the bill is paid within 15 or 30 days.

no discount is offered for early payment.










course project



ACCT 212: Course Project 1

Requirement Requirement Description Worksheet

Part A

1 Prepare the Journal Entries in the General Journal Journal Entries

2 Post Journal Entries to the General Ledger General Ledger

3 Prepare a Trial Balance Trial Balance

Part B

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




October Transactions

Date Transaction Description

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 1-year insurance policy, $1,200.

Oct. 1 Paid the current month's store rent expense, $1,040.

Oct. 3 Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for 19 months. The first payment is due 11/1. Note: Use Accounts Payable for the Balance Due.

Oct. 8 Purchased repair supplies from McKenna Company on credit, $390.

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, $1,350.

Oct. 31 Declared and paid cash dividend of $800.

Chart of Accounts

Account Type Account Number Account Title Normal Balance

Assets

111 Cash Debit

117 Prepaid Insurance Debit

119 Repair Supplies Debit

144 Repair Equipment Debit

145 Accum Dep -Repair Equipment Credit

Liabilities

212 Accounts Payable Credit

213 Income Tax Payable Credit

Stockholders Equity

311 Common Stock Credit

312 Retained Earnings Credit

313 Dividends Debit

Revenue

411 Bicycle Repair Revenue Credit

Expenses

511 Store Rent Expense Debit

512 Utility Expense Debit

513 Insurance Expense Debit

514 Repair Supplies Expense Debit

515 Dep Expense - Repair Equipment Debit

516 Income Tax Expense Debit




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.



REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances.



REQUIREMENT #3: Prepare a trial balance for October in the space below.




"Rawls Repair Corporation

Trial Balance

October 31"







"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.

"Rawls Repair Corporation

Adjusted Trial Balance

October 31"




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

You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet.

The Statement of Cash Flows is a required Financial Statement, but is not required for this project."





"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.

"Rawls Repair Corporation

Post-Closing Trial Balance

October 31"


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