ACCT212 Course Project 1 Part A

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ACCT212 Course Project 1 Part A
Course Project #1 consists of two parts, A and B, respectively.  There are 10 Requirements for you to …

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ACCT212 Course Project 1 Part A

ACCT212 Course Project 1 Part A

A+ Week 3

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.
 Scenario: 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.
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.
General Journal
DateDescription (Account Name)Debit Credit
1-OctCash12,000
          Common Stock12,000
1-OctPrepaid Insurance1,200
          Cash1,200
1-OctStore Rent Expense1,040
          Cash1,040

 

REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances.
Cash (111)Bicycle Repair Revenue (411)
12,0001,2002,6721,362
1,3621,0401,310
1,3106002,6722,672
154

 

REQUIREMENT #3: Prepare a trial balance for October in the space below.
Rawls Repair Corporation
Trial Balance
October 31
AccountBalance
 Title Debit  Credit
Cash10,678
Prepaid Insurance1,200
Repair Supplies390

REQUIREMENT #4……

ACCT212 Course Project 1 Part A