During its first month of operation the rawls repair

Assignment Help Financial Accounting

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

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.

Prepare the closing entries at October 31 in the General Journal below.

Trial Balance for your closing entries

Hint: use the balances for each account which appear on the Adjusted

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

During its first month of operation the rawls repair : during its first month of operation the rawls repair corporation which specializes in bicycle repairs completed the

The sales budget of mulls company for the fourth quarter of : the sales budget of mulls company for the fourth quarter of 2009 is as

Smart toys manufacturing projected 2009 sales of 10000 : smart toys manufacturing projected 2009 sales of 10000 units at 12.00 per unit. actual sales for the year were 14000

Crane mechanics acquired 75 percent of downey enterprises : crane mechanics acquired 75 percent of downey enterprises on march 31 2005 for 3645000.downeys book value at that date