Attachment # 00006250 - Course_Project_Accounting.xlsx
Course_Project_Accounting.xlsx (133.71 KB)
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Oct. 1Oct. 3Oct. 8Purchased repair supplies from McKenna Company on credit, $390.Oct. 12Paid utility bill for October, $154.Oct. 16Cash bicycle repair revenue for the first half of October, $1,362.Oct. 19Made payment to McKenna Company, $200.Oct. 31Declared and paid cash dividend of $800.General JournalDateDebitCreditRawls Repair CorporationTrial BalanceOctober 31Income StatementFor the Month Ending October 31Statement of Retained EarningsBalance SheetDescription (Account Name)Posting is done poorly or not at all, leading to inaccurate or no trial balance.Posting has several errors leading to a trial balance with several errors.Posting is mostly correct leading to a mostly correct trial balance.Posting is correct leading to an accurate trial balance.Parts:Very PoorPoorGoodExcellentCriteriaLess than 50%90% to 100%70% to 89%50% to 69%Revenues:Retained Earnings, October 1Assets:Bicycle Repair RevenueAdd: Net IncomeCashSubtotalPrepaid InsuranceExpenses:Repair SuppliesStore Rent ExpenseRetained Earnings, October 31Repair EquipmentUtility ExpenseInsurance ExpenseTotal AssetsRepair Supplies Exp.Depreciation Exp.Liabilities:Income Taxes Exp.Accounts Payable Total ExpensesIncome Taxes PayableTotal LiabilitiesNet IncomeStockholders' Equity:Common StockRetained EarningsTotal Stockholders' EquityAssetsLiabilitiesStockholders EquityRevenueExpensesAccount TypeNormal BalanceUse the following account descriptions for journal entries.Cash Prepaid Insurance Repair Equipment Accum Dep -Repair Equipment Accounts Payable Income Tax PayableCommon Stock Retained Earnings Dividends Store Rent Expense Utility Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Account NumberAccount TitleBalanceBegan 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.Chart of AccountsRequirementPart APrepare the Journal Entries in the General JournalJournal EntriesPost Journal Entries to the General LedgerGeneral LedgerPrepare a Trial BalancePart BPrepare the Adjusting EntriesAdjusting EntriesPost Adjusting Entries to the General LedgerPrepare an Adjusted Trial BalanceAdjusted TBPrepare the Financial StatementsFinancial StatementsPrepare the Closing EntriesClosing EntriesPost Closing Entries to the General LedgerPrepare the Post Closing Trial BalancePost Closing TBWorksheetRequirement DescriptionACCT 212: Course Project 1Course Project #1 OverviewScenarioGuidelinesRequirementsOctober TransactionsTransaction DescriptionCash (111)Bicycle Repair Revenue (411)Prepaid Insurance (117)Store Rent Expense (511)Repair Supplies (119)Utility Expense (512)Repair Equipment (144)Insurance Expense (513)Accum. Depr.-Repair Equipment (145)Repair Supplies Expense (514)Accounts Payable (212)Depr. Exp.-Repair Equipment (515)Income Taxes Payable (213)Income Taxes Expense (516)Common Stock (311)Retained Earnings (312)Dividends (313)REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances.Rawls Repair Corporation Trial Balance October 31REQUIREMENT #3: Prepare a trial balance for October in the space below.Account TitleREQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.Rawls Repair Corporation Adjusted Trial Balance October 31Less: Accum. Depr.Total Liabilities & Stockholders' EquityLiabilities and Stockholders' EquityTotal RevenueRequirement #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. Project 1 Grading Rubric - StudentsRequirement #10: Prepare a post-closing trial balance as of October 31 in the space below.Rawls Repair Corporation Post-Closing Trial Balance October 31Paid the current month's store rent expense, $1,040.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. Less: DividendsCash bicycle repair revenue for the last half of October, $1,350.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. 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.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.During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions.Paid the premium on a 1-year insurance policy, $1,200.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.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 #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 #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. Step 1 —Journal Entries (20 points)Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly.Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.Posting is mostly correct leading to a mostly correct trial balance.Steps 2 and 3 —Posted and Unadjusted Trial Balance. (10 points)Step 4 —Adjusting Journal Entries (10 points)Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points)Step 7 —Financial Statements (10 points)All four financial statements are prepared accurately and in an appropriate format.Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors.Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors.One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.Step 8 —Closing Journal Entries (10 points)Steps 9 and 10 —Posted and Post-closingTrial Balance. (10 points)
acct212 Course Project 1 - the Rawls Repair Corporation (RRC), a brand new small business specializing

acct212 Course Project 1 - the Rawls Repair Corporation (RRC), a brand new small business specializing

Question # 00075676 Posted By: vikas Updated on: 06/14/2015 12:53 AM Due on: 07/12/2015
Subject Accounting Topic Accounting Tutorials:
Question
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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
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Course_Project_Accounting.xlsx (133.71 KB)
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