Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

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 closing entries at October 31 in General Journal below.

Trial Balance for your closing entries

Post closing entries to General Ledger T-accounts and find out ending balances.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916804

Have any Question? 


Related Questions in Accounting Basics

Managerial accounting and financial accountingcompare and

Managerial Accounting and Financial Accounting Compare and Contrast Managerial Accounting and Financial Accounting. Be sure to discuss how managerial accounting is useful for providing information for at least one of the ...

Comprehensive problem differential apportionmentmortar

Comprehensive Problem: Differential Apportionment Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20x7, for $173,000. At that date, the fair value of the non-controlling interest was $43 ...

Project assignmentdo investors react to stock

Project Assignment Do Investors React to Stock Dividends? Financial accounting theory predicts that there should be no market reaction to a company's stock dividend. This is because the market value of the shares should ...

Intermediate accounting assignment1 the nail company paid

Intermediate Accounting Assignment 1) The Nail Company paid $1,200,000 to purchase 35% of the outstanding stock of the Toe Corporation. Toe Corporation reports $450,000 of net income and paid a cash dividend of $150,000. ...

Assignmentcarol is a single mother who owns a wholesale

Assignment Carol is a single mother who owns a wholesale auto parts distributorship. The business is organized as a sole proprietorship. Her business has advanced, and she can no longer devote the time necessary to do he ...

Focus of the final paperyouve just been hired onto abc

Focus of the Final Paper You've just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has an ...

Accounting information systems1 you have been asked by the

Accounting Information Systems 1. You have been asked by the CFO of the company where you work or previously worked to evaluate the use of a professional service organization for processing the company's payroll. Identif ...

Assignmentbackgroundphoenix advertising with its main

Assignment Background Phoenix Advertising, with its main headquarters in Charlotte, North Carolina, serves clients that include banks, insurance companies, and retail chains. You're the vice president of human resources ...

Task1 create journal entries for the following

Task: 1. Create journal entries for the following transactions. 2. Draw up a T-accounts for each account affected by transactions. 3. Calculate ending balances for all T-accounts. Transactions: March, 1: Student Corp. re ...

Conduct a cost analysis of gas versus electric vehicle find

Conduct a cost analysis of gas versus electric vehicle. Find the break-even point assuming gasoline is $3.00/gallon with an average of 22 miles per gallon that costs $25,000. Compared to an electric vehicle for $35,000 t ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro