Youve 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 doesnt know where to begin. Its your job to go through the complete Accounting cycle to prepare the financial statements for the RRC. Instructions: Basically make a Journal Entry, General Ledger, and Trial Balance. 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. REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances. REQUIREMENT #3: Prepare a trial balance for October in the space below. October Transactions Date Transaction Description 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 store rent expense, $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