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DeVry ACCT 212 Week 5 Course project 1 PART A & B with Correct Solution




Question;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. Part A is due at the end of Week 3. Part B is due at the end of Week 5. See Syllabus/?Due Dates for Assignments & Exams? for due date information. 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 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. October Transactions Date Transaction DescriptionOct. 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.


Paper#41082 | Written in 18-Jul-2015

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