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Acct212 Financial Accounting
PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE    
              
 
Due Dates:     
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 Total 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 including this
one.     
All of the Information you need for the Project is located in
this
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
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 11/1.   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.       
         
 

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