How do I make a Journal Entry for accounting


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    Part A — Requirement s 1, 2 and 3    
    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 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.    
               
    Requirement 1 – Prepare the Journal Entries in the General Journal  –  Journal Entries
    Requirement 2 – Post Journal Entries to the General Ledger –  General Ledger
    Requirement 3 – Prepare a Trial Balance –  Trial Balance
    Part B — Requirements 4 – 10         
    Prepare adjusting entries using the following information in the General Journal below.  Show your calculations!    
    a) One month’s insurance has expired.      
    b) The remaining inventory of repair supplies is $194.    
    c) The estimated depreciation on repair equipment is $70.       
    d) The estimated income taxes are $40.  
    Requirement 4 – Prepare the Adjusting Entries  –  Adjusting Entries
    Requirement 5 – Post Adjusting Entries to the General Ledger  —  General Ledger
    Requirement 6 – Prepare an Adjusted Trial Balance –  Adjusted TB
    Requirement 7 – Prepare the Financial Statements  –  Financial Statements
    Requirement 8 – Prepare the Closing Entries – Closing Entries
    Requirement 9 – Post Closing Entries to the General Ledger – General Ledger

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