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Q1) In its first month of operation, Rawls Repair Corporation, that specializes in bicycle repairs, completed transactions given below:

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 rent, $1,040.

Oct. 3

Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance were placed on account.  Payments will be $200.00 per month for nineteen months.  The first payment is due 11/1.

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.

Make financial statements for Rawls Repair Corporation as of October 31.

Make Income Statement, Statement of Retained Earning and Balance Sheet.

Statement of Cash Flows is required Financial Statement, but is not needed for this Project.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916805

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