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Course Project #1 Overview The Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the Syllabus section \"Due Dates for Assignments & Exams\" for due date information. All of the information 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. 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. Requirements Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to 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. 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. Date General Journal Description (Account Name) Debit Credit 0 Once you've co requirement pr General Journa Requirement #2 General Ledger Journal Entries REQUIREMENT #3: Prepare a trial balance for October in the space below. Rawls Repair Corporation Trial Balance October 31 Account 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. Date General Journal Description (Account Name) Debit Credit 0 0 Click here to go to Ledger worksheet Requirement #5. Journal Entries REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Rawls Repair Corporation Adjusted Trial Balance October 31 Account 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 compute ending balances. Just add to the adjusted balances already listed. Date General Journal Description (Account Name) Debit Click here to go t Ledger workshee Requirement #9. 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 October 31 Account Title Balance Debit Credit 0 0
