MenuACCT 212: Course Project 1RequirementRequirement DescriptionWorksheetPart A1Prepare the Journal Entries in the General JournalJournal Entries2Post Journal Entries to the General LedgerGeneral Ledger3Prepare a Trial BalanceTrial BalancePart B4Prepare the Adjusting EntriesAdjusting Entries5Post Adjusting Entries to the General LedgerGeneral Ledger6Prepare an Adjusted Trial BalanceAdjusted TB7Prepare the Financial StatementsFinancial Statements8Prepare the Closing EntriesClosing Entries9Post Closing Entries to the General LedgerGeneral Ledger10Prepare the Post Closing Trial BalancePost Closing TB Click on the worksheet link to complete the corresponding Requirement or the Project Instructions button below for an overview. Project Instructions/xl/drawings/drawing1.xml#'Project%20Instructions'!A1 Project InstructionsCourse Project #1 OverviewThe Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are eight worksheets in the workbook you will need to complete. • A list of October transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected. • Each worksheet has the Check Figures embedded as a comment. ScenarioYou’ve just secured a new client in your accounting practice, the Rawls Repair Corporation (RRC), a brand new small business specializing in bicycle repair. The owner, Rob Rawls, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to help Rob put his affairs in order. Luckily Rob has only been in operation for a month and things have not gotten too out of hand yet! Rob has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the RRC.RequirementsGuidelinesUse the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor. Before You Begin:  Review the Week 2 Lecture prior to starting work on this project.  Print the Chart of Accounts and October Transactions worksheets for your reference. You will need to refer to both throughout the project.  Review the Grading Criteria.  SAVE your work frequently in this workbook. October TransactionsDuring its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions.October TransactionsDateTransaction DescriptionOct. 1Began 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. 1Paid the premium on a 1-year insurance policy, $1,200.Oct. 1Paid the current month's store rent ex ...

1. MenuACCT 212: Course Project 1RequirementRequirement
DescriptionWorksheetPart A1Prepare the Journal Entries in the
General JournalJournal Entries2Post Journal Entries to the
General LedgerGeneral Ledger3Prepare a Trial BalanceTrial
BalancePart B4Prepare the Adjusting EntriesAdjusting
Entries5Post Adjusting Entries to the General LedgerGeneral
Ledger6Prepare an Adjusted Trial BalanceAdjusted TB7Prepare
the Financial StatementsFinancial Statements8Prepare the
Closing EntriesClosing Entries9Post Closing Entries to the
General LedgerGeneral Ledger10Prepare the Post Closing Trial
BalancePost Closing TB
Click on the worksheet link to complete the corresponding
Requirement or the Project Instructions button below for an
overview.
Project
Instructions/xl/drawings/drawing1.xml#'Project%20Instructions'
!A1
Project InstructionsCourse Project #1 OverviewThe Course
Project consists of 10 Requirements for you to complete. The
Course Project is due at the end of Week 6. See the Syllabus
section ”Due Dates for Assignments & Exams” for due date
information. All of the information you need to complete the
Course Project is located in this Workbook.
• There are eight worksheets in the workbook you will need to
complete.
• A list of October transactions
• A Chart of Accounts reference sheet
• A Grading Rubric to help explain what is expected.
• Each worksheet has the Check Figures embedded as a
comment.
ScenarioYou’ve just secured a new client in your accounting
practice, the Rawls Repair Corporation (RRC), a brand new
small business specializing in bicycle repair. The owner, Rob
Rawls, is a terrific cyclist and bike repair specialist, but

2. definitely not an accountant. Your job is to help Rob put his
affairs in order. Luckily Rob has only been in operation for a
month and things have not gotten too out of hand yet! Rob has
to submit his financial statements to his investors and doesn’t
know where to begin. It’s your job to go through the complete
Accounting cycle to prepare the financial statements for the
RRC.RequirementsGuidelinesUse the embedded assistance in
the template, guidance in your textbook, and examples in the
weekly lectures to complete this project. Should you have any
questions contact your professor.
Before You Begin:
g work on this
project.
worksheets for your reference. You will need to refer to both
throughout the project.
October TransactionsDuring its first month of operation, the
Rawls Repair Corporation, which specializes in bicycle repairs,
completed the following transactions.October
TransactionsDateTransaction DescriptionOct. 1Began 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.
1Paid the premium on a 1-year insurance policy, $1,200.Oct.
1Paid the current month's store rent expense, $1,040.Oct.
3Purchased 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 19 months. The first
payment is due 11/1. Note: Use Accounts Payable for the
Balance Due.Oct. 8Purchased repair supplies from McKenna
Company on credit, $390.Oct. 12Paid utility bill for October,
$154.Oct. 16Cash bicycle repair revenue for the first half of
October, $1,362.Oct. 19Made payment to McKenna Company,
$200.Oct. 31Cash bicycle repair revenue for the last half of

3. October, $1,350.Oct. 31Declared and paid cash dividend of
$800.
Chart of AccountsUse the following account descriptions for
journal entries.Chart of AccountsAccount TypeAccount
NumberAccount TitleNormal BalanceAssets111Cash
Debit117Prepaid Insurance Debit119Repair
SuppliesDebit144Repair Equipment Debit145Accum Dep -
Repair Equipment CreditLiabilities212Accounts Payable
Credit213Income Tax PayableCreditStockholders
Equity311Common Stock Credit312Retained Earnings
Credit313Dividends DebitRevenue411Bicycle Repair
RevenueCreditExpenses511Store Rent Expense Debit512Utility
Expense Debit513Insurance Expense Debit514Repair Supplies
Expense Debit515Dep Expense - Repair Equipment
Debit516Income Tax Expense Debit
Journal EntriesREQUIREMENT #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.General JournalDateDescription
(Account Name)DebitCredit1-OctCash (Beginning Business
Bal) 12,000Common Stocks (1200 Shares x 10)12,0001-
OctPrepaid Insurance (12 x 100)1,200Cash1,200Insurance
premium paid for 1 year 1-OctStore Rent Expense 1,040Cash
1,040October rent 3-OctRepair Equipment
4,400Cash600Acounts Payable (200 x 19) 3,800Cranklin Co
Equipment repair Purchase 8-OctRepair Supplies 390Accounts
Payable 390McKenna Co Supplies Repair Purchase 15-
OctUtility Expenses 154Cash 154Paid utility for the month 16-
OctCash 1,362Bicyce repair Revenue 1,362First half of Oct
Repair Revenue 19-OctAccounts Payable (Accounts to McKenna
Co)200Cash 200Payment to McKenna Co31-OctCash
1,350Bicycle Repair Revenue 1,350Second Half October
Bicycle Repair Revenue31-OctDividends800Cash 800Paid Cash
Dividends 22,896
Harris, Nicole: Debits = $22,89622,896

4. Harris, Nicole: Credits = $22,896
Journal Entries
Once you've completed this requirement print your General
Journal to complete Requirement #2 on the General Ledger
worksheet.
General LedgerREQUIREMENT #2: Post the October journal
entries to the following T-Accounts and compute ending
balances.Cash (111)
DeVry: The balance of the Cash account after posting journal
entries for Part A should be $10,718.Bicycle Repair Revenue
(411)Prepaid Insurance (117)Store Rent Expense (511)Repair
Supplies (119)Utility Expense (512)Repair Equipment
(144)Insurance Expense (513)Accum. Depr.-Repair Equipment
(145)Repair Supplies Expense (514)Accounts Payable
(212)Depr. Exp.-Repair Equipment (515)Income Taxes Payable
(213)Income Taxes Expense (516)Common Stock (311)Retained
Earnings (312)Dividends (313)
This worksheet will be used to complete Requirements #2, #5
and #9. Instructions for #5 can be found on the Adjusting
Entries Worksheet. Instructions for #9 can be found on the
Closing Entries Worksheet.
Trial BalanceREQUIREMENT #3: Prepare a trial balance for
October in the space below.Rawls Repair Corporation
Trial Balance
October 31AccountBalance TitleDebitCredit0
User: Debit Balance = $18,702
0
User: Credit Balance = $18,702
Journal Entries

5. Only enter accounts that have a balance.
Adjusting EntriesRequirement #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. General JournalDateDescription
(Account Name)DebitCredit0
Bruce: Balance $406.000
Bruce: Balance $406.00
Journal Entries
Click here to go to the General Ledger worksheet to complete
Requirement
#5./xl/drawings/drawing7.xml#'General%20Ledger'!A1
Adjusted TBREQUIREMENT #6: Prepare an Adjusted Trial
Balance in the space below.Rawls Repair Corporation
Adjusted Trial Balance
October 31AccountBalance TitleDebitCredit0
User: Debit Balance = $18,8120
User: Credit Balance = $18,812
Journal Entries
Only enter accounts that have a balance.
Financial StatementsRequirement #7: Prepare the financial
statements for Rawls Repair Corporation as of October 31 in the

6. 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.Rawls Repair
CorporationRawls Repair CorporationRawls Repair
CorporationIncome StatementStatement of Retained
EarningsBalance SheetFor the Month Ending October 31For the
Month Ending October 31October 31Revenues:Retained
Earnings, October 1Assets:Bicycle Repair RevenueAdd: Net
IncomeCashTotal Revenue0Subtotal0Prepaid InsuranceLess:
DividendsRepair SuppliesExpenses:Retained Earnings, October
310
User: Retained Earnings = $312
Repair EquipmentStore Rent ExpenseLess: Accum. Depr.Utility
ExpenseTotal Assets0
User: $16,342Insurance ExpenseRepair Supplies Exp.Liabilities
and Stockholders' EquityDepreciation Exp.Liabilities:Income
Taxes Exp.Accounts Payable Total Expenses0Income Taxes
PayableTotal Liabilities0Net Income0
User: Net Income = $1,112
Stockholders' Equity:Common StockRetained EarningsTotal
Stockholders' Equity0Total Liabilities & Stockholders' Equity0
User: $16,342
User: $16,342
User: Net Income = $1,112
Closing EntriesRequirement #8: Prepare the closing entries at

7. 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.
General JournalDateDescription (Account Name)DebitCredit0
Bruce: Debit $5,1120
Bruce: Credit $5,112
Journal Entries
Click here to go to the General Ledger worksheet to complete
Requirement
#9./xl/drawings/drawing9.xml#'General%20Ledger'!A1
See the Week 2 Lecture for examples of how to complete
closing entries.
Post Closing Trial BalanceRequirement #10: Prepare a post-
closing trial balance as of October 31 in the space below.Rawls
Repair Corporation
Post-Closing Trial Balance
October 31AccountBalance TitleDebitCredit0
User: Debits = $16,4120
User: Credits = $16,412
Journal Entries
Grading RubricProject 1 Grading Rubric -
StudentsCriteriaExcellentGoodPoorVery PoorParts:90% to
100%70% to 89%50% to 69%Less than 50%Step 1
—Journal Entries (20 points)Journal entries use accurate
accounts and amounts; and debits and credits are used correctly.
Journal entries mostly use accurate accounts and amounts; and
debits and credits are used correctly.Journal entries have some

8. errors in use of accounts and amounts; and debits and credits
are only somewhat used correctly.Journal entries have some
errors in use of accounts and amounts; and debits and credits
are not used correctly.Steps 2 and 3 —Posted
and Unadjusted Trial Balance. (10 points)Posting is correct
leading to an accurate trial balance.Posting is mostly correct
leading to a mostly correct trial balance.Posting has several
errors leading to a trial balance with several errors.Posting is
done poorly or not at all, leading to inaccurate or no trial
balance.Step 4 —Adjusting Journal Entries (10
points)Journal entries use accurate accounts and amounts; and
debits and credits are used correctly. Journal entries mostly use
accurate accounts and amounts; and debits and credits are used
correctly.Journal entries have some errors in use of accounts
and amounts; and debits and credits are only somewhat used
correctly.Journal entries have some errors in use of accounts
and amounts; and debits and credits are not used correctly.Steps
5 and 6 —Posted and Adjusted Trial Balance.
(10 points)Posting is correct leading to an accurate trial
balance.Posting is mostly correct leading to a mostly correct
trial balance.Posting has several errors leading to a trial balance
with several errors.Posting is done poorly or not at all, leading
to inaccurate or no trial balance.Step 7 —
Financial Statements (10 points)All four financial statements
are prepared accurately and in an appropriate format.Three of
four financial statements are prepared accurately and mostly in
an appropriate format, one statement has some errors.Two of
four financial statements are prepared accurately and mostly in
an appropriate format, two statements have some errors.One or
fewer of four financial statements are prepared accurately and
mostly in an appropriate format, three or all statements have
some errors.Step 8 —Closing Journal Entries (10
points)Journal entries use accurate accounts and amounts; and
debits and credits are used correctly. Journal entries mostly use
accurate accounts and amounts; and debits and credits are used
correctly.Journal entries have some errors in use of accounts

9. and amounts; and debits and credits are only somewhat used
correctly.Journal entries have some errors in use of accounts
and amounts; and debits and credits are not used correctly.Steps
9 and 10 —Posted and Post-closingTrial
Balance. (10 points)Posting is correct leading to an accurate
trial balance.Posting is mostly correct leading to a mostly
correct trial balance.Posting has several errors leading to a trial
balance with several errors.Posting is done poorly or not at all,
leading to inaccurate or no trial balance.