(Learning Objectives 4, 5: Recording transactions directly in T-accounts; preparing and using a trial balance) During the first month of operations (November 2010), Stein Services Corporation completed the following selected transactions: general ledger a. The business received cash of $28,000 and a building valued at $52,000. The corporation issued common stock to the stockholders. b. Borrowed $37,300 from the bank; signed a note payable. c. Paid $33,000 for music equipment. d. Purchased supplies on account, $500. e. Paid employees? salaries, $2,500. f. Received $1,600 for music service performed for customers. g. performed service for customers on account, $3,200. h. Paid $100 of the account payable created in Transaction d. i. Received an $800 bill for utility expense that will be paid in the near future. j. Received cash on account, $1,200. k. Paid the following cash expenses: (1) rent, $1,200; (2) advertising, $700. Requirements 1. Record each transaction directly in the T-accounts without using a journal. Use the letters to identify the transactions. 2. Prepare the trial balance of Stein Services Corporation at November 30, 2010.

Course Project #1 Overview 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 13 and Part B has 410. 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 Before You Begin: A Chart of Accounts reference sheet Review the Week 2 Lecture prior to starting work A Grading Rubric to help explain what is expected. Each worksheet has the Check Figures embedded as a comment. Scenario Print the Chart of Accounts and October Transactions worksheets for your reference. You 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. Requirements Guidelines on this project. For Part A: Complete Requirements 13 on the Journal Entries, General Ledger, and Trial Balance worksheets. Type your work directly into the worksheets. Save your workbook as \"CourseProject1A_ ACCT212_YourLastName\". Submit the workbook to the DropBox under \"Course Project 1Part A\" by the end of Week 3. For Part B: Using feedback from your instructor and Part A, complete Requirements 410. Type your work directly into the worksheets. Save your workbook as \"CourseProject1B_ACCT212_YourLastName\". Submit the workbook to the DropBox under \"Course Project 1Part B\" by the end of Week 5. 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 Credits All of your Journal Entries should balance. Date General Journal Description (Account Name) Debit Credit Once you've co requirement pri General Journa Requirement #2 General Ledger 0 Journal Entries REQUIREMENT #3: Prepare a trial balance for October in the space below. Rawls Repair Corporation Trial Balance Account October 31 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. Click here to go to Ledger worksheet Requirement #5. Date General Journal Description (Account Name) Debit Credit 0 0 Journal Entries REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Rawls Repair Corporation Adjusted Trial Balance Account October 31 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 Click here to go to compute ending balances. Just add to the adjusted balances already listed. Date General Journal Description (Account Name) Ledger workshee Requirement #9. Debit 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 Account October 31 Title Balance Debit Credit 0 0