complete the accounting cycle, assignment help

timer Asked: Sep 25th, 2016
account_balance_wallet $10

Question description

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.


Prepare journal entries to record the October transactions in the Journal.


Post the October journal entries to the T-Accounts and compute ending balances.


Prepare a trial balance at October 31.


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 Statement

Retained Earnings Statement

Classified Balance Sheet

Requirement #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.


Tutor Answer

School: UCLA

there you go. kindly post good revie...

flag Report DMCA

10/10 would recommend. Responsive and helpful.

Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors