Question

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	Task description	Using this
1	Prepare the journal entries in the general journal	Journal entries
2	Post journal entries to the general ledger	General ledger
3	Prepare a trial balance	Trial balance

1. Complete requirements 1-3 on the journal entries. General ledger and trial balance worksheets

2. Put work into worksheets

During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions:
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.

Account Type	Account Number	Account Title	Normal Balance
Assets
	111	Cash	Debit
	117	Prepaid Insurance	Debit
	119	Repair Supplies	Debit
	144	Repair Equipment	Debit
	145	Accum Dep -Repair Equipment	Credit
Liabilities
	212	Accounts Payable	Credit
	213	Income Tax Payable	Credit
Stockholders Equity
	311	Common Stock	Credit
	312	Retained Earnings	Credit
	313	Dividends	Debit
Revenue
	411	Bicycle Repair Revenue	Credit
Expenses
	511	Store Rent Expense	Debit
	512	Utility Expense	Debit
	513	Insurance Expense	Debit
	514	Repair Supplies Expense	Debit
	515	Dep Expense - Repair Equipment	Debit
	516	Income Tax Expense	Debit

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.
General Journal
Date	Description (Account Name)	Debit	Credit
1-Oct
1-Oct
1-Oct
3-Oct
8-Oct
12-Oct
16-Oct
19-Oct
31-Oct
31-Oct

Answer 1

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S No .	Date	General Journal		Dr. $	Cr. $
1	Oct 1	Cash Common Stock (1200 * 10)	Dr. Cr.	12,000	12,000
2	Oct 1	Prepaid Insurance Cash	Dr. Cr.	1200	1200
3	Oct 1	Store Rent Expense Cash	Dr. Cr.	1040	1040
4	Oct 3	Repair equipment Cash Accounts Payable	Dr. Cr. Cr.	4400	600 3800
5	Oct 8	Repair supplies Accounts Payable	Dr. Cr.	390	390
6	Oct 12	Utility Expense Cash	Dr. Cr.	154	154
7	Oct 16	Cash Bicycle repair revenue	Dr. Cr.	1362	1362
8	Oct 19	Accounts Payable Cash	Dr. Cr.	200	200
9	Oct 31	Cash Bicycle repair revenue	Dr. Cr.	1310	1310
10	Oct 31	Dividend Cash	Dr. Cr.	800	800
		Total		22856	22856