During its first month of operation, the Rawls Repair Company, which specializes in bicycle repairs, completed the following transactions:Oct. 1 Owner, John Rawls, began business by investing $12,000 in exchange for 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 by signing a 2-year note.Oct. 8 Purchased repair supplies from McKenna Company on credit, $390.Oct. 19 Made partial-payment to McKenna Company, $200.Oct. 20 Paid wages to part-time assistant, $500.Oct. 31 Cash bicycle repair revenue for October, $2,672. (for simplicity, record this all at once, rather than daily)Oct. 31 The owner (and sole stockholder), John Rawls, was paid a dividend of $400.Oct. 31 Received a bill for October utilities, $185, to be paid in November.REQUIREMENT #1:Prepare journal entries to record the October transactions in the Journal.REQUIREMENT #2:Post the October journal entries to the T-Accounts and compute ending balances.REQUIREMENT #3:Prepare a trial balance at October 31.REQUIREMENT #4:Prepare Oct. 31 adjusting entries in the Journal using the following information.a) One month’s worth of prepaid insurance has expired.b) The remaining amount of repair supplies at month-end is $194.c) The estimated monthly depreciation on repair equipment is $70.d) Unpaid wages at Oct. 31 are $100.Requirement #5:Post your adjustments to the T-accounts and compute adjusted balances. (Just add to the October T-accts.)Requirement #6:Prepare an Adjusted Trial Balance.Requirement #7:Prepare the financial statements for Rawls Repair Company as of October 31:Income StatementRetained Earnings StatementClassified Balance SheetRequirement #8:Prepare the closing entries at October 31 in the Journal.Requirement #9:Post the closing entries to the T-accounts and compute ending balances. (Just add to the adjusted balances already listed.)Requirement #10:Prepare a post-closing trial balance as of October 31.project123.docx
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