Above is a General Journal and below is the Trial Balance.

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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.

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.