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Due dates for Project 1 are provided, with Part A due at the end of Week 3 and Part B due at the end of Week 5. The project is worth a total of 75 points and is 7.5% of the course grade. Part A is worth 30 points and Part B is worth 45 points. The document lists the 10 requirements for the complete accounting cycle project, including preparing journal entries, general ledgers, trial balances, adjusting entries, financial statements, and closing entries. Students are advised to review the Week 2 lecture prior to starting the project.
Due dates for Project 1 are provided, with Part A due at the end of Week 3 and Part B due at the end of Week 5. The project is worth a total of 75 points and is 7.5% of the course grade. Part A is worth 30 points and Part B is worth 45 points. The document lists the 10 requirements for the complete accounting cycle project, including preparing journal entries, general ledgers, trial balances, adjusting entries, financial statements, and closing entries. Students are advised to review the Week 2 lecture prior to starting the project.
Due dates for Project 1 are provided, with Part A due at the end of Week 3 and Part B due at the end of Week 5. The project is worth a total of 75 points and is 7.5% of the course grade. Part A is worth 30 points and Part B is worth 45 points. The document lists the 10 requirements for the complete accounting cycle project, including preparing journal entries, general ledgers, trial balances, adjusting entries, financial statements, and closing entries. Students are advised to review the Week 2 lecture prior to starting the project.
Part A - Sunday at Midnight MST at the end of Week 3.
Part B - Sunday at Midnight MST at the end of Week 5. Project 1 is worth at TotaI of 75 Points, which is 7.5% of your Grade in the Course. Part A = 30 points and Part B = 45 points MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 10 Sheets in the Workbook incIuding this one. AII of the Information you need for the Project is Iocated in this Workbook. Requirements Sheet in Workbook Part A - Due in Week 3 - Requirement 1, 2 and 3 Requirement 1 - Prepare the Journal Entries in the General Journal Jounral Entries Requirement 2 - Post Journal Entries to the General Ledger General Ledger Requirement 3 - Prepare a Trial Balance Trial Balance Part B - Due in Week 5 - Requirements 4 - 10 Requirement 4 - Prepare the Adjusting Entries Adjusting Entries Requirement 5 - Post Adjusting Entries to the General Ledger General Ledger Requirement 6 - Prepare an Adjusted Trial Balance Adjusted TB Requirement 7 - Prepare the Financial Statements Financial Statements Requirement 8 - Prepare the Closing Entries Closing Entries Requirement 9 - Post Closing Entries to the General Ledger General Ledger Requirement 10 - Prepare the Post Closing Trial Balance Post Closing TB Hint for success: review the Week 2 Lecture prior to starting this project. PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE Name: WendeII J. Payne 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 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 journaI entries to record the October transactions in the GeneraI JournaI beIow. General Journal Date Debit Credit Oc1 1 $12,000.00 $12,000.00 Oc1 1 $1,200.00 $1,200.00 Oc1 1 $1,040.00 $1,040.00 3-Oct $4,400.00 Cash $600.00 $3,800.00 8-Oct $390.00 $390.00 12-Oct $154.00 $154.00 16-Oct $1,362.00 $1,362.00 19-Oct $200.00 Cash $200.00 31-Oct $1,310.00 $1,310.00 Cash Revenue Accounts Payable Utilty Expense Cash Cash Accounts Payable Revenue Rent Expense Cash Repair Supplies Equipment Accounts Payable Repair Supply Expense Description(Account Name) Cash Common Stock PrePaid nsurance Cash This Sheet wiII be used for Requirements 2, 5 and 9 REQUIREMENT #2: Post the October journaI entries to the foIIowing T-Accounts and compute ending baIances. Oct 1 12000 Oct 1 1200 Oct 16 1362 Oct 1 1040 Oct 31 1310 Oct 3 600 31-oct $4206 Oct 12 154 Oct 16 1362 Oct 19 200 Oct 31 800 Oct 31 1310 Oct 1 1200 Oct 1st 1040 Oct 31 100 Oct 3 4400 Oct 12 154 31Oct $194 10/31 $4400 Oct 1 1200 Oct 31 100 31 Oct $70 Oct 8 390 Oct 19 200 31 Oct $70 Oct 3 3800 Oct 8 390 31 Oct $40 31 Oct $40 Oct 1 12000 31 oct $800 Cash (111) Bicycle Repair Revenue (411) Prepaid Insurance (117) Store Rent Expense (511) Repair Supplies (119) Utility Expense (512) Repair Equipment (144) Insurance Expense (513) Accum. Depr.-Repair Equipment (145) Repair Supplies Expense (514) Accounts Payable (212) Depr. Exp.-Repair Equipment (515) Income Taxes Payable (213) Income Taxes Expense (516) Common Stock (311) Retained Earnings (312) Dividends (313) REQUIREMENT #3: Prepare a triaI baIance for October in the space beIow. ACCOUNT TITLE DEBIT CREDIT Cash (Debit) $10,678.00 $0.00 Prepaid nsurance (Debit) $1,200.00 $0.00 Repair Supplies (Debit) $4,400.00 $0.00 Repair Equipment (Debit) $0.00 $0.00 Accum Dep -Repair Equipment (Credit) $0.00 $0.00 Accounts Payable (Credit) $0.00 $3,990.00 ncome Tax Payable (Credit) $0.00 $0.00 Common Stock (Credit) $0.00 $12,000.00 Retained Earnings (Credit) $0.00 $0.00 Dividends (Debit) $800.00 Bicycle Repair Revenue (Credit) $0.00 $2,672.00 Store Rent Expense (Debit) $1,040.00 $0.00 Utility Expense (Debit) $154.00 $0.00 nsurance Expense (Debit) $0.00 $0.00 Repair Supplies Expense (Debit) $390.00 $0.00 Dep Expense - Repair Equipment (Debit) $0.00 $0.00 ncome Tax Expense (Debit) $0.00 $0.00 Total $18,662.00 $18,662.00 Rawls Repair Corporation Trial Balance October 31 Requirement #4: Prepare adjusting entries using the foIIowing information in the GeneraI JournaI beIow. Show your caIcuIations! 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. General Journal Date Debit Credit 1-Oct $100.00 1-Oct $100.00 1-Oct $194.00 1-Oct $194.00 1-Oct $70.00 1-Oct $70.00 1-Oct $40.00 1-Oct $40.00 Requirement #5: Post the adjusting entries to the GeneraI Ledger T-accounts and compute adjusted baIances. Just add to the baIances that are aIready Iisted. ep- Expense Repair Equipment Accumulated ep- Repair Equipment ncome Tax Expense ncome Tax Payable Description(Account Name) nsurance Expense Pre-Paid nsurance Supplies Supplies Expense Requirement #6: Prepare an Adjusted TriaI BaIance in the space beIow. Cash (Debit) $10,678.00 $0.00 Prepaid nsurance (Debit) $1,100.00 $0.00 Repair Supplies (Debit) $4,400.00 $0.00 Repair Equipment (Debit) $194.00 $0.00 Accum Dep -Repair Equipment (Credit) $0.00 $70.00 Accounts Payable (Credit) $0.00 $3,990.00 ncome Tax Payable (Credit) $0.00 $40.00 Common Stock (Credit) $0.00 $12,000.00 Retained Earnings (Credit) $0.00 $0.00 Dividends (Debit) $800.00 $0.00 Bicycle Repair Revenue (Credit) $0.00 $2,672.00 Store Rent Expense (Debit) $1,040.00 $0.00 Utility Expense (Debit) $154.00 $0.00 nsurance Expense (Debit) $100.00 $0.00 Repair Supplies Expense (Debit) $196.00 $0.00 Dep Expense - Repair Equipment (Debit) $70.00 $0.00 ncome Tax Expense (Debit) $40.00 $0.00 $18,772.00 $18,772.00 Rawls Repair Corporation Adjusted Trial Balance October 31 Requirement #7: Prepare the financiaI statements for RawIs Repair Corporation as of October 31 in the space beIow. You wiII onIy be preparing the Income Statement, Statement of Retained Earning and the BaIance Sheet. The Statement of Cash FIows is a required FinanciaI Statement, but is not required for this Project. Revenues: Retained Earnings, October 1 Assets: Bicycle Repair Revenue $2,672.00 Add: Net ncome $1,072.00 Cash $10,678.00 Subtotal $1,072.00 Prepaid nsurance $1,100.00 Expenses: Less: Dividends $272.00 Repair Supplies $4,400.00 Store Rent Expense $1,040.00 Retained Earnings, October 31 $272.00 Repair Equipment $194.00 Utility Expense $154.00 Less: Accum. Depr. $70.00 nsurance Expense $100.00 Total Assets $16,302.00 Repair Supplies Exp. $196.00 Depreciation Exp. $70.00 Liabilities: ncome Taxes Exp. $40.00 Accounts Payable $3,990.00 Total Expenses $1,600.00 ncome Taxes Payable $40.00 Total Liabilities $4,030.00 Net ncome $1,072.00 Stockholders' Equity: Common Stock $12,000.00 Retained Earnings $272.00 Total Stockholders' Equity $12,272.00 Total Liabilities & Stockholders' Equity $16,302.00 Rawls Repair Corporation Income Statement For the Month Ending October 31 Rawls Repair Corporation Balance Sheet October 31 Rawls Repair Corporation Statement of Retained Earnings For the Month Ending October 31 Requirement #8: Prepare the cIosing entries at October 31 in the GeneraI JournaI beIow. Hint: use the baIances for each account which appear on the Adjusted TriaI BaIance for your cIosing entries. General Journal Date Debit Credit Bicycle Repair Revenue (Credit) $2,672.00 $2,672.00 $1,600.00 $1,040.00 $154.00 $100.00 $196.00 $70.00 $40.00 $800.00 $800.00 Requirement #9: Post the cIosing entries to the GeneraI Ledger T-accounts and compute ending baIances. Just add to the adjusted baIances aIready Iisted. Retained Earnings Dividends nsurance Expense Repair Supplies Exp. Depreciation Exp. ncome Taxes Exp. Description (Account Name) Retained Earnings Retained Earnings Store Rent Expense Utility Expense Requirement #10: Prepare a post-cIosing triaI baIance as of October 31 in the space beIow. Cash $10,678.00 Prepaid nsurance $1,100.00 Repair Supplies $4,400.00 Repair Equipment $194.00 Accounts Payable $3,990.00 ncome Taxes Payable $40.00 Common Stock $12,000.00 Accum Dep -Repair Equipment $70.00 Retained Earnings $272.00 16372 16372 Rawls Repair Corporation Post-Closing Trial Balance October 31 LxcellenL Cood oor very oor 90 Lo 100 70 Lo 89 30 Lo 69 Less Lhan 30 SLep 1 !ournal LnLrles (23pLs) !ournal LnLrles use accuraLe accounLs and amounLs and deblLs and credlLs are used correcLly !ournal LnLrles mosLly use accuraLe accounLs and amounLs and deblLs and credlLs are used correcLly !ournal LnLrles have some errors ln use of accounLs and amounLs and deblLs and credlLs are only somewhaL used correcLly !ournal LnLrles have some errors ln use of accounLs and amounLs and deblLs and credlLs are noL used correcLly SLep 23 osLed and unad[usLed 1rlal 8alance (3pLs) osLlng ls correcL leadlng Lo an accuraLe Lrlal balance osLlng ls mosLly correcL leadlng Lo a mosLly correcL Lrlal balance osLlng has several errors leadlng Lo a Lrlal balance wlLh several errors osLlng ls done poorly or noL aL all leadlng Lo lnaccuraLe or no Lrlal balance SLep 4 Ad[usLlng !ournal LnLrles (10pLs) !ournal LnLrles use accuraLe accounLs and amounLs and deblLs and credlLs are used correcLly !ournal LnLrles mosLly use accuraLe accounLs and amounLs and deblLs and credlLs are used correcLly !ournal LnLrles have some errors ln use of accounLs and amounLs and deblLs and credlLs are only somewhaL used correcLly !ournal LnLrles have some errors ln use of accounLs and amounLs and deblLs and credlLs are noL used correcLly SLep 36 osLed and Ad[usLed 1rlal 8alance (3pLs) osLlng ls correcL leadlng Lo an accuraLe Lrlal balance osLlng ls mosLly correcL leadlng Lo a mosLly correcL Lrlal balance osLlng has several errors leadlng Lo a Lrlal balance wlLh several errors osLlng ls done poorly or noL aL all leadlng Lo lnaccuraLe or no Lrlal balance SLep 7 llnanclal SLaLemenLs (13pLs) All four llnanclal SLaLemenLs are prepared accuraLely and ln an approprlaLe formaL 1hree of four llnanclal SLaLemenLs are prepared accuraLely and mosLly ln an approprlaLe formaL one sLaLemenL has some errors 1wo of four llnanclal SLaLemenLs are prepared accuraLely and mosLly ln an approprlaLe formaL Lwo sLaLemenLs have some errors Cne or fewer of four llnanclal SLaLemenLs are prepared accuraLely and mosLly ln an approprlaLe formaL Lhree or all sLaLemenLs have some errors SLep 8 Closlng !ournal LnLrles (10pLs) !ournal LnLrles use accuraLe accounLs and amounLs and deblLs and credlLs are used correcLly !ournal LnLrles mosLly use accuraLe accounLs and amounLs and deblLs and credlLs are used correcLly !ournal LnLrles have some errors ln use of accounLs and amounLs and deblLs and credlLs are only somewhaL used correcLly !ournal LnLrles have some errors ln use of accounLs and amounLs and deblLs and credlLs are noL used correcLly SLep 910 osLed and osL closlng1rlal 8alance (3pLs) osLlng ls correcL leadlng Lo an accuraLe Lrlal balance osLlng ls mosLly correcL leadlng Lo a mosLly correcL Lrlal balance osLlng has several errors leadlng Lo a Lrlal balance wlLh several errors osLlng ls done poorly or noL aL all leadlng Lo lnaccuraLe or no Lrlal balance CrlLerla arLs ro[ect 1 kubr|c Students