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ACCT 212: Course Project 1 Requirement Part A 1 2 3 Part B 4 5 6 7 8 9 10 ACCT 212: Course Project 1 Requirement Description Prepare the Journal Entries in the General Journal Post Journal Entries to the General Ledger Prepare a Trial Balance Prepare the Adjusting Entries Post Adjusting Entries to the General Ledger Prepare an Adjusted Trial Balance Prepare the Financial Statements Prepare the Closing Entries Post Closing Entries to the General Ledger Prepare the Post Closing Trial Balance roject 1 Worksheet Journal Entries General Ledger Trial Balance Adjusting Entries General Ledger Click on the worksheet link to complete the corresponding Requirement or the Project Instructions button below for an overview. Adjusted TB Financial Statements Closing Entries General Ledger Post Closing TB Project Instructions he worksheet mplete the nding ent or the structions low for an structions Course Project #1 Overview Scenario Requirements Guidelines t #1 Overview The Course Project consists of 10 Requirements for you to complete. The Course Project is due at the e 6. See the Syllabus section \"Due Dates for Assignments & Exams\" for due date information. All of the 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 bra small business specializing in bicycle repair. The owner, Rob Rawls, is a terrific cyclist and bike repair s definitely not an accountant. Your job is to help Rob put his affairs in order. Luckily Rob has only been for a month and things have not gotten too out of hand yet! Rob has to submit his financial statement investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle the financial statements for the RRC. Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly 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. During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions. October Transactions Date Oct. 1 Oct. 1 Oct. 1 Oct. 3 Oct. 8 Oct. 12 Oct. 16 Oct. 19 Oct. 31 Oct. 31 st month of operation, the Rawls Repair Corporation, which n bicycle repairs, completed the following transactions. October Transactions Transaction Description 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. Paid the premium on a 1-year insurance policy, $1,200. Paid the current month's store rent expense, $1,040. 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. Purchased repair supplies from McKenna Company on credit, $390. Paid utility bill for October, $154. Cash bicycle repair revenue for the first half of October, $1,362. Made payment to McKenna Company, $200. Cash bicycle repair revenue for the last half of October, $1,350. Declared and paid cash dividend of $800. Use the following account descriptions for journal entries. Chart of Accounts Account Type Assets Account Number Account Title 111 117 119 144 145 Cash Prepaid Insurance Repair Supplies Repair Equipment Accum Dep -Repair Equipment 212 213 Accounts Payable Income Tax Payable 311 312 313 Common Stock Retained Earnings Dividends 411 Bicycle Repair Revenue 511 512 513 514 515 516 Store Rent Expense Utility Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Liabilities Stockholders Equity Revenue Expenses es. Normal Balance Debit Debit Debit Debit Credit Credit Credit Credit Credit Debit Credit Debit Debit Debit Debit Debit Debit Review Chapter 2, p. 90 for more information on the Chart of Accounts 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. General Journal Date Description (Account Name) Debit Credit 0 - Journal Entries Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances. Cash (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) Common Stock (311) Retained Earnings (312) Dividends (313) Income Taxes Expense (516) T-Accounts and compute e Repair Revenue (411) e Rent Expense (511) ility Expense (512) rance Expense (513) Supplies Expense (514) p.-Repair Equipment (515) This worksheet will be used to complete Requirements #2, #5 and #9. Instructions for #5 can be found on the Adjusting Entries Worksheet. Instructions for #9 can be found on the Closing Entries Worksheet. e Taxes Expense (516) Journal Entries REQUIREMENT #3: Prepare a trial balance for October in the space below. Rawls Repair Corporation Trial Balance October 31 Account Title Only enter accounts that have a balance. Balance Debit Credit 0 0 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 T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Date Description (Account Name) Debit Credit 0 0 Click Click here here to to General Led to to complete complete #5. #5. Journal Entries Click Click here here to to go go to to the the General Ledger worksheet to to complete complete Requirement Requirement #5. #5. Journal Entries REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Rawls Repair Corporation Adjusted Trial Balance October 31 Account Title Only enter accounts that have a balance. Balance Debit Credit 0 0 Requirement #7: Prepare the financial statements for Rawls Repair Corporation as of October 31 in You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sh The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Rawls Repair Corporation Income Statement For the Month Ending October 31 Rawls Repair Corporation Statement of Retained Earnings For the Month Ending October 31 Revenues: Bicycle Repair Revenue Total Revenue 0 Expenses: Store Rent Expense Utility Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Taxes Exp. Total Expenses 0 Net Income 0 Retained Earnings, October 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, October 3 oration as of October 31 in the space below. rning, and the Balance Sheet. equired for this project. ir Corporation Retained Earnings Ending October 31 Rawls Repair Corporation Balance Sheet October 31 October 1 0 0 Assets: Cash Prepaid Insurance Repair Supplies Repair Equipment Less: Accum. Depr. Total Assets 0 Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities 0 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity 0 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 T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Date Description (Account Name) Debit Credit 0 0 Journal Entries Click Click here here to to go go to to the the General Ledger worksheet to to complete complete Requirement Requirement #9. See the Week 2 Lecture for examples of how to complete closing entries. Journal Entries 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 Account Title Balance Debit Credit 0 0 Project 1 Grading Rubric - Students Criteria Parts: Excellent Good Poor 90% to 100% Step 1 Journal entries use Journal accurate accounts Entries (20 and amounts; and points) debits and credits are used correctly. 70% to 89% Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. 50% to 69% Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Steps 2 and 3 Posting is correct leading to an Posted and accurate trial Unadjusted balance. Trial Balance. (10 points) Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Step 4 Adjusting Journal Entries (10 points) 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. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Steps 5 and 6 Posting is correct leading to an Posted and accurate trial Adjusted Trial balance. 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. Step 8 Closing Journal Entries (10 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. Steps 9 and 10 Posted and PostclosingTrial Balance. (10 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Very Poor Less than 50% Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. Posting is done poorly or not at all, leading to inaccurate or no trial balance. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. Posting is done poorly or not at all, leading to inaccurate or no trial balance. One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. Posting is done poorly or not at all, leading to inaccurate or no trial balance