Instructions regarding how to complete this project as well as worksheets are available in this file. There are a total of four pages in the file. Be sure to read and use all of them. Type your answers directly in the worksheets. The forth page contains scoring guidelines that should help you understand what is expected by your instructor.

During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: 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 one-year insurance policy, $1,200. Oct. 1 Paid the current month's rent, $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 nineteen 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, $1,310. Oct. 31 Declared and paid cash dividend of $800. Prepare journal entries to record the October transactions in the General Journal below. Date General Journal Description(Account Name) Debit Credit 1-Oct Cash 12,000 Common Stock 12,000 1-Oct Prepaid Insurance Cash 1,200 1-Oct Store Rent Expense Cash 1,040 3-Oct Repair Equipment Cash Accounts Payable 4,400 8-Oct Repair Supplies Accounts Payable 390 1,200 1,040 600 3,800 390