Prepare trial balance for your closing entries

Assignment Help Financial Accounting

Reference no: EM139878

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.

Reference no: EM139878

Questions Cloud

Allied salespeople are trained to push the company : Allied's salespeople are trained to push the company's less traditional, higher-margin lines such as coffee also refreshments, printing also forms management, also office furniture.

Long tube-like structure : The long tube-like structure which conveys impulses away from the cell body toward the other neurons, muscles, or glands is termed

Prepare financial statements for rawls repair corporation : Prepare the financial statements for Rawls Repair Corporation as of October 31 in the space and Prepare the Income Statement, Statement of Retained Earning and the Balance Sheet.

Foreign competitors profitably : How could the foreign competitors profitably sell a similar product for less than manufacturing costs to Houston Electronic?

Prepare trial balance for your closing entries : Prepare the closing entries at October 31 in the General Journal and Trial Balance for your closing entries

What is neuron : A neuron is: a) The part of a nerve cell that receives information.

Purpose a post-closing trial balance : Prepare a post-closing trial balance as of October 31 - During its first month of operation, the Rawls Repair Corporation

Specify the work schedule for each employee : Specify the work schedule for each employee. Elucidate how much slack does your schedule generate for each day.

Ethical dilemma in business : Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.

User Account

All Pages