ACCT 212: Course Project 1 - 96135

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  • From: Business, Accounting
  • Posted on: Tue 12 Apr, 2016
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Course Project #1 consists of two parts, A and B, respectively. There are 10 Requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10. Part A is due at the end of Week 3. Part B is due at the end of Week 5. See Syllabus/”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete Course Project #1 is located in this Workbook. • There are 8 worksheets in the workbook you will need to complete for Parts A & B. • A list of October transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected. • Each worksheet has the Check Figures embedded as a comment. Date Transaction Description 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 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.
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General Journal
Date Description (Account Name) Debit  Credit 
1-Oct Cash  12,000  
  Common Stcok            12,000
1-Oct Prepaid Insurance 1,200