Solved by verified expert :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. Requirements Guidelines For Part A: • Complete Requirements 1-3 on the Journal Entries, General Ledger, and Trial Balance worksheets. • Type your work directly into the worksheets. • Save your workbook as “CourseProject1A_ ACCT212_YourLastName”. • Submit the workbook to the DropBox under “Course Project 1-Part A” by the end of Week 3. For Part B: • Using feedback from your instructor and Part A, complete Requirements 4-10. • Type your work directly into the worksheets. • Save your workbook as “CourseProject1B_ACCT212_YourLastName”. • Submit the workbook to the DropBox under “Course Project 1-Part B” by the end of Week 5. During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: 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.
