ACCT212 Complete Course Project 1 Requirement Description Worksheet

Question: #1729

ACCT 212: Course Project 1 Worksheet
Requirement Requirement Description Worksheet
Part A
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
Part B
4 Prepare the Adjusting Entries Adjusting Entries
5 Post Adjusting Entries to the General Ledger General Ledger
6 Prepare an Adjusted Trial Balance Adjusted TB
7 Prepare the Financial Statements Financial Statements
8 Prepare the Closing Entries Closing Entries
9 Post Closing Entries to the General Ledger General Ledger
10 Prepare the Post Closing Trial Balance Post Closing TB

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.

REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances.

REQUIREMENT #3: Prepare a trial balance for October in the space below.

Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations!
a) One month's insurance has expired.
b) The remaining inventory of repair supplies is $194.
c) The estimated depreciation on repair equipment is $70.
d) The estimated income taxes are $40.

Requirement #5: Post the adjusting entries on October 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.

REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.

Requirement #7: Prepare the financial statements for Rawls Repair Corporation as of October 31 in the space below.
You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet.
The Statement of Cash Flows is a required Financial Statement, but is not required for this project.

Requirement #8: Prepare the closing entries at October 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted
Trial Balance for your closing entries.

Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed.

Requirement #10: Prepare a post-closing trial balance as of October 31 in the space below.

ACCT212 Course Project in given Template

Solution: #1715

ACCT212 Complete Course Project 1 Requirement Description Worksheet

ACCT 212: Course Project 1 Worksheet Requirement Requirement Description Worksheet Part A 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 Part B 4 Prepare the Adjusting Entries Adjusting Entries 5 Post Adjusting Entries to the General Ledger General Ledger 6 Prepare an Adjusted Trial Balance Adjusted TB 7 Prepare the Financial Statements Financial Statements 8 Prepare the Closing Entries Closing Entries 9 Post Closing Entries to the General Ledger General Ledger 10 Prepare the...