Menu ACCT 1102: Course Project 1 RequirementRequirement DescriptionWorksheet Part A 1Prepare the Journal Entries in the General JournalJournal Entries 2Post Journal Entries to the General...

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Menu ACCT 1102: Course Project 1 RequirementRequirement DescriptionWorksheet Part A 1Prepare the Journal Entries in the General JournalJournal Entries 2Post Journal Entries to the General LedgerGeneral Ledger 3Prepare a Trial BalanceTrial Balance Part B 4Prepare the Adjusting EntriesAdjusting Entries 5Post Adjusting Entries to the General LedgerGeneral Ledger 6Prepare an Adjusted Trial BalanceAdjusted TB 7Prepare the Financial StatementsFinancial Statements 8Prepare the Closing EntriesClosing Entries 9Post Closing Entries to the General LedgerGeneral Ledger 10Prepare 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 Instructions Course Project #1 Overview Course Project #1 consists of two parts, A and B, respectively. There are 10 Requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10. All of the information you need to complete Course Project #1 is located in this Workbook. • There are 8 worksheets in the workbook you will need to complete for Parts A & B. • 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. Scenario Nancy: Please relocate the note so it does not cover up the Scenario statement. 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 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 Transactions During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: October Transactions DateTransaction Description Oct. 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 one-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 nineteen 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 October, $1,310. Oct. 31Declared and paid cash dividend of $800. Chart of Accounts Use the following account descriptions for journal entries. Chart of Accounts Account TypeAccount NumberAccount TitleNormal Balance Assets 111Cash Debit 117Prepaid Insurance Debit 119Repair SuppliesDebit 144Repair Equipment Debit 145Accum Dep -Repair Equipment Credit Liabilities 212Accounts Payable Credit 213Income Tax PayableCredit Stockholders Equity 311Common Stock Credit 312Retained Earnings Credit 313Dividends Debit Revenue 411Bicycle Repair RevenueCredit Expenses 511Store Rent Expense Debit 512Utility Expense Debit 513Insurance Expense Debit 514Repair Supplies Expense Debit 515Dep Expense - Repair Equipment Debit 516Income Tax Expense Debit Journal Entries 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. General Journal Nancy: Nicole the date and font needs to be consistant. The Debit entry (Description) needs to be first with the Credit portion of the journal entry always be indented. Ideally a row would be left blank between the recording of each transaction. Take a look in the Textbook - Chapter 2 - for an example. Let me know if you have any questions. DateDescription (Account Name)DebitCredit 1-Oct 1-Oct 1-Oct 3-Oct 8-Oct 12-Oct 16-Oct 19-Oct 31-Oct 31-Oct 0 Harris, Nicole: Debits = $22,856- 0 Harris, Nicole: Credits = $22,856 Journal Entries Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. General Ledger REQUIREMENT #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 $10,678.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 Balance REQUIREMENT #3: Prepare a trial balance for October in the space below. Rawls Repair Corporation Trial Balance October 31 AccountBalance TitleDebitCredit 0 User: Debit Balance = $18,662 0 User: Credit Balance = $18,662 Journal Entries Only enter accounts that have a balance. Adjusting Entries 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. General Journal DateDescription (Account Name)DebitCredit 00 Journal Entries Click here to go to the General Ledger worksheet to complete Requirement #5. /xl/drawings/drawing7.xml#'General%20Ledger'!A1 Adjusted TB REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Rawls Repair Corporation Adjusted Trial Balance October 31 AccountBalance TitleDebitCredit 0 User: Debit Balance = $18,7720 User: Credit Balance = $18,772 Journal Entries Only enter accounts that have a balance. Financial Statements 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 CorporationRawls Repair CorporationRawls Repair Corporation Income StatementStatement of Retained EarningsBalance Sheet For the Month Ending October 31For the Month Ending October 31October 31 Revenues:Retained Earnings, October 1Assets: Bicycle Repair RevenueAdd: Net IncomeCash Total RevenueSubtotalPrepaid Insurance Less: DividendsRepair Supplies Expenses:Retained Earnings, October 31 User: Retained Earnings = $272 Repair Equipment Store Rent ExpenseLess: Accum. Depr. Utility ExpenseTotal Assets Insurance Expense Repair Supplies Exp.Liabilities and Stockholders' Equity Depreciation Exp.Liabilities: Income Taxes Exp.Accounts Payable Total ExpensesIncome Taxes Payable Total Liabilities Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity User: $16,302 User: $16,302 User: Net Income = $1,072 Closing Entries 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. General Journal DateDescription (Account Name)DebitCredit 00 Journal Entries Click here to go to the General Ledger worksheet to complete Requirement #9. /xl/drawings/drawing9.xml#'General%20Ledger'!A1See the Week 2 Lecture for examples of how to complete closing entries. Post Closing Trial Balance 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 AccountBalance TitleDebitCredit 0 User: Debits = $16,3720 User: Credits = $16,372 Journal Entries Grading Rubric Project 1 Grading Rubric - Students CriteriaExcellentGoodPoorVery Poor Parts:90% to 100%70% to 89%50% to 69%Less than 50% Step 1 -Journal Entries (60pts)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. Step 2&3 -Posted and Unadjusted Trial Balance. (10pts)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 (22pts)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. Step 5&6 -Posted and Adjusted Trial Balance. (11pts)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 (33pts)All four Financial Statements are prepared accurately and in an appropriate format.Three of four
Answered Same DayNov 08, 2021

Answer To: Menu ACCT 1102: Course Project 1 RequirementRequirement DescriptionWorksheet Part A 1Prepare the...

Khushboo answered on Nov 08 2021
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Menu
    ACCT 1102: Course Project 1
    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    F
inancial 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
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 Instructions
        Course Project #1 Overview
            Course Project #1 consists of two parts, A and B, respectively. There are 10 Requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10. All of the information you need to complete Course Project #1 is located in this Workbook.
• There are 8 worksheets in the workbook you will need to complete for Parts A & B.
• 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.
        Scenario
Nancy: Please relocate the note so it does not cover up the Scenario statement.
            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
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 Transactions
        During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions:
        October Transactions
        Date    Transaction Description
        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 store rent expense, $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.
Chart of Accounts
        Use the following account descriptions for journal entries.
        Chart of Accounts
        Account Type    Account Number    Account Title    Normal Balance
        Assets
            111    Cash     Debit
            117    Prepaid Insurance     Debit
            119    Repair Supplies    Debit
            144    Repair Equipment     Debit
            145    Accum Dep -Repair Equipment     Credit
        Liabilities
            212    Accounts Payable     Credit
            213    Income Tax Payable    Credit
        Stockholders Equity
            311    Common Stock     Credit
            312    Retained Earnings     Credit
            313    Dividends     Debit
        Revenue
            411    Bicycle Repair Revenue    Credit
        Expenses
            511    Store Rent Expense     Debit
            512    Utility Expense     Debit
            513    Insurance Expense     Debit
            514    Repair Supplies Expense     Debit
            515    Dep Expense - Repair Equipment     Debit
            516    Income Tax Expense     Debit
Journal Entries
    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.
    General Journal
Nancy: Nicole the date and font needs to be consistant.
The Debit entry (Description) needs to be first with the Credit portion of...
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