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Rawls Repair Company Requirement # 1 Date Description 1-Oct Cash journal entries Dr. Cr. 12,000 Common stock (to record investment in business) 12,000 1-Oct Prepaid insurance expense cash (to record prepaid isurance premium 1,200 1-Oct Rent 1,040 1,200 Cash (to record rent expense) 3-Oct Repair equipment Note payable (to record purchase of equipment) 8-Oct Supplies Account payable (to record purchase of supplies) 1,040 4,400 4,400 390 390 19-Oct Accounts payable Cash (to record payment of accounts payable) 200 20-Oct Wages Cash (to record payment of wages) 500 31-Oct Cash 200 500 2,672 Revenue (to record cash sales) 2,672 31-Oct Dividend cash (to record dividend payment) 400 31-Oct utilities utilities payable 185 Requirement # 2 400 185 T-Accounts Dr. Common stock Revenue Cash 12,000 Prepaid insurance 2,672 Rent Accounts payable Wages dividend closing balnce(bal.) 14,672 Cr. 1,200 1,040 200 500 400 11,332 14,672 Dr. Accounts Cash closing balance Dr. Cash Prepaid insu opening balance Dr. closing balance Dr. Cash opening Dr. accounts payable opening balance Common stock Cash 12,000 12,000 Rent 1,040 closing balance 1,040 1,040 Income summary Supplies 390 closing balance 390 390 cost of sales closing balance 390 Cr. 12,000 12,000 Cr. Dr. note payable Repair equi 1,040 1,040 1,040 Cr. Dr. Cash Wage 390 390 196 194 390 opening balance wages payable opening balance Dr. closing balance income summary revenue Cash 2,672 2,67 ...
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