Youve just secured a new client in your accounting practice, Bethany's Bicycle Corporation (BBC), a brand new small business specializing in bicycle repair. The owner, Bethany Beck, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to helpBethany put his affairs in order. Luckily Bethany has only been in operation for a month and things have not gotten too out of hand yet! Bethany has to submit his financial statements to her investors and doesnt know where to begin. Its your job to go through the complete Accounting cycle to prepare the financial statements for the BBC. MARCH TRANSACTIONS During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's store rent expense, $1,900. March 3 Purchased repair equipment from Andrew Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 Purchased repair supplies from Jackson Company on credit, $650. March 10 Paid telephone bill for March, $340. March 11 Cash bicycle repair revenue for the first third of March, $1,650. March 18 Made payment to Jackson Company, $400. March 20 Cash bicycle repair revenue for the second third of March, $2,450. March 31 Cash bicycle repair revenue for the last third of March, $1,250. March 31 Paid the current month's electice bill, $250. March 31 Declared and paid cash dividend of $1,000. CHART OF ACCOUNTS Chart of Accounts Account Type Account Number Account Title Normal Balance Assets 111 Cash Debit 117 Prepaid Insurance Debit 119 Repair Supplies Debit 144 Repair Equipment Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 Bicycle Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense Debit WHAT NEEDS TO GET FILLED 1. JOURNAL ENTRY
General Journal
Date	Account Number from Chart of Accounts tab	Account Title from Chart of Accounts tab	Debit	Credit
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