Acct212 Financial Accounting
PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE
Part A – Sunday at Midnight MST at the end of Week
Part B – Sunday at Midnight MST at the end of Week
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
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 10 Sheets in the Workbook including this
All of the Information you need for the Project is located in
Part A – Due in Week 3 – Requirement 1, 2 and
Requirement 1 – Prepare the Journal Entries in the General
Journal Jounral Entries
Requirement 2 – post Journal Entries to the General Ledger
Requirement 3 – Prepare a Trial
Part B – Due in Week 5 – Requirements 4 –
Requirement 4 – Prepare the Adjusting
Requirement 5 – post Adjusting Entries to the General
Requirement 6 – Prepare an Adjusted Trial Balance
Requirement 7 – Prepare the Financial
Statements Financial Statements
Requirement 8 – Prepare the Closing Entries Closing
Requirement 9 – post Closing Entries to the 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
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,
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
Paid utility bill for October, $154.
Cash bicycle repair revenue for the first half of October, $1,362.
Made payment to McKenna Company, $200.
Cash bicycle repair revenue for the last half of October, $1,310.
Declared and paid cash dividend of $800.