Posted: December 18th, 2015
During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions:
| During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: | |
| October Transactions | |
| 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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