The document provides instructions for a course project involving completing the accounting cycle for a new small business called Rawls Repair Corporation. It includes a list of October transactions, a chart of accounts, and 10 requirements to journalize transactions, prepare trial balances and financial statements, record adjusting and closing entries, and prepare a post-closing trial balance. Completing the project involves using the accounting equation and properly applying debits and credits throughout the steps of the accounting cycle.

1. ACCT 212: Course Project 1
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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

2. 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
Prepare the Post Closing Trial Balance
Post Closing TB
Click on the worksheet
link to complete the
corresponding
Requirement or the
Project Instructions
button below for an
overview.
10
Project Instructions
Course Project #1 Overview
The 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

3. • 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.
Scenario
You’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.
Requirements
Guidelines
Use 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.
During its first month of operation, the Rawls Repair Corporation, which
specializes in bicycle repairs, completed the following transactions.
October Transactions
Date
Oct. 1

4. Transaction Description
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
Oct. 1
Oct. 3
Paid the premium on a 1-year insurance policy, $1,200.
Paid the current month’s store rent expense, $1,040.
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 19 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
Oct. 16
Paid utility bill for October, $154.
Cash bicycle repair revenue for the first half of October,
$1,362.
Oct. 19
Oct. 31
Made payment to McKenna Company, $200.
Cash bicycle repair revenue for the last half of October,
$1,350.
Oct. 31
Declared and paid cash dividend of $800.
Use the following account descriptions for journal entries.
Chart of Accounts
Account
Number

5. Account Title
Normal Balance
111
117
119
144
145
Cash
Prepaid Insurance
Repair Supplies
Repair Equipment
Accum Dep -Repair Equipment
Debit
Debit
Debit
Debit
Credit
212
213
Accounts Payable
Income Tax Payable
Credit
Credit
311
312
313
Common Stock
Retained Earnings
Dividends
Credit
Credit
Debit
411

6. Account Type
Assets
Bicycle Repair Revenue
Credit
511
512
513
514
515
516
Store Rent Expense
Utility Expense
Insurance Expense
Repair Supplies Expense
Dep Expense – Repair Equipment
Income Tax Expense
Debit
Debit
Debit
Debit
Debit
Debit
Liabilities
Stockholders Equity
Revenue
Expenses
Review Chapter
2, p. 90 for more
information on the
Chart of Accounts
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.

7. General Journal
Date
Description (Account Name)
Debit
Credit
0
Once you’ve completed
this requirement print
your General Journal to
complete Requirement
#2 on the General
Ledger worksheet.
–
REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute
ending balances.
Cash (111)
Bicycle Repair Revenue (411)
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.
Prepaid Insurance (117)
Store Rent Expense (511)
Repair Supplies (119)
Utility Expense (512)
Repair Equipment (144)

8. 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)
REQUIREMENT #3: Prepare a trial balance for October in the space
below.
Rawls Repair Corporation
Trial Balance
October 31
Account
Title
Only enter
accounts that
have a
balance.
Balance
Debit
Credit
0
0
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.

9. 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 Journal
Date
Description (Account Name)
Debit
Credit
0
0
Click here to go to the
General Ledger worksheet
to complete Requirement
#5.
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Rawls Repair Corporation
Adjusted Trial Balance
October 31
Account
Title
Only enter
accounts that
have a
balance.
Balance
Debit
Credit
0
0

10. 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.
Rawls Repair Corporation
Income Statement
For the Month Ending October 31
Revenues:
Bicycle Repair Revenue
Total Revenue
Rawls Repair Corporation
Statement of Retained Earnings
For the Month Ending October 31
0
Expenses:
Store Rent Expense
Utility Expense
Insurance Expense
Repair Supplies Exp.
Depreciation Exp.
Income Taxes Exp.
Total Expenses
0
Net Income
Retained Earnings, October 1
Add: Net Income
Subtotal
Less: Dividends
Retained Earnings, October 3
Rawls Repair Corporation
Balance Sheet
October 31
0
0

11. Assets:
Cash
Prepaid Insurance
Repair Supplies
Repair Equipment
Less: Accum. Depr.
Total Assets
0
0
Liabilities and Stockholders’ Equity
Liabilities:
Accounts Payable
Income Taxes Payable
Total Liabilities
0
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
0
Total Liabilities &
Stockholders’ Equity
0
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.
Click here to go to the
General Ledger worksheet
General Ledger worksheet
to complete Requirement
#9.
General Journal
Date

12. Description (Account Name)
Debit
Credit
See the Week 2
Lecture for examples
of how to complete
closing entries.
0
0
Requirement #10: Prepare a post-closing trial balance as of October 31
in the space below.
Rawls Repair Corporation
Post-Closing Trial Balance
October 31
Account
Title
Balance
Debit
Credit
0
0
Project 1 Grading Rubric – Students
Criteria
Parts:
Excellent
Good
Poor
90% to 100%
Step 1
Journal entries use
—Journal accurate accounts

13. Entries (20
and amounts; and
points)
debits and credits
are used correctly.
70% to 89%
Journal entries
mostly use
accurate accounts
and amounts; and
debits and credits
are used correctly.
50% to 69%
Journal entries
have some errors
in use of accounts
and amounts; and
debits and credits
are only somewhat
used correctly.
Less than 50%
Journal entries
have some errors
in use of accounts
and amounts; and
debits and credits
are not used
correctly.
Steps 2 and 3 Posting is correct
leading to an
—Posted and accurate trial
Unadjusted
balance.
Trial Balance.
(10 points)
Posting is mostly
correct leading to
a mostly correct
trial balance.

14. 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
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 Posting is correct
leading to an
—Posted and accurate trial
Adjusted Trial balance.

15. Balance. (10
points)
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
Journal entries use
accurate accounts
and amounts; and
debits and credits
are used correctly.
Very Poor
—
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

16. 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.

17. 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 9 and
10
—Posted
and PostclosingTrial
Balance. (10
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.