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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 was 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.

 

A.  Make adjusting entries by using information given below in General Journal below.  Illustrate calculations.

 

a) One month's insurance has expired.

 

b) Remaining inventory of repair supplies is $194.

 

c) Estimated depreciation on repair equipment is $70.

 

d) Estimated income taxes are $40.

 

B. Post adjusting entries to General Ledger T-accounts and find out adjusted balances.

Accounting Basics, Accounting

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