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Tutorial 13564

During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: . . ...

Question:

During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: 

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Required:

1)            Prepare journal entries to record the October transactions in the General Journal below.            

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

3)            Prepare a trial balance for October in the space below.

4)            Prepare adjusting entries using the following information:

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.

5)            Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.

6)            Prepare an Adjusted Trial Balance.

7)            Prepare the financial statements for Rawls Repair Corporation as of October 31.

8)            Prepare the closing entries at October 31.

9)            Post the closing entries to the General Ledger T-accounts and compute ending balances.

10)          Prepare a post-closing trial balance as of October 31.

ATTACHMENTS
solution.xlsx