Review the details and requirements for Course Project 1: Part B in the Course Project

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 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 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. 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 Credits All of your Journal Entries should balance. Date General Journal Description (Account Name) 1Oct Cash Common Stock 1Oct Prepaid Insurance Cash 1Oct Insurance Expense Cash 1Oct Store Rent Expense Cash 3Oct Repair Equipment Cash Accounts Payable 8Oct Repair Supplies Accounts Payable 12Oct Utility Expense Cash 16Oct Cash Bicycle Repair Revenue 19Oct Accounts Payable Cash 31Oct Cash Bicycle Repair Revenue 31Oct Dividend Cash Debit $ 12,000 1,100 100 1,040 4,400 390 154 1,362 200 1,310 800 22,856 Credit $ 12,000 1,100 100 1,040 600 3,800 390 154 1,362 200 1,310 800 22,856 Once you've co requirement pri 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 Cash Common Stock Prepaid Insurance Insurance Expense Store Rent Expense Repair Equipment Accounts Payable Repairs Supplies Expense Utility Expense Bicycle Repair Revenue Dividends Account Title Balance Debit Credit 11,278 1,100 100 1,040 4,400 390 154 200 Err:502 12,000 3,990 2,672 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 to 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