Question: I need help figuring put the shole problem I need to get all my transactions right and balance my trail balance. Transactions need to go
Failed There is a problem with the Web site's security certificate. Save to retry your up July 2021 Transactions Date Description of the Transaction July1 Borrow $35,000.00 from 1st Bank by signing a 24 monthnote (As an example of how to joumalize and post and action this transaction has already been entered into the General Journal and posted to the General Ledge) July 1 Receive $76,700.00 cash from new investors, and Issue 570.700.00 of Common Stock to them. July 1 Purchase $59,700.00 now mowing equipment, paying cash to the mower dealer July 1 Pay $500,00 cash for the July truck rental July 3 Invoice a new customer $8.805.00 for a completed mowingJob - customer will pay in 10 days July 5 The Board of Directors declares a cash dividend The total amount of the dividend is $30,000.00 The Dale of Record is set as July 15. The Date of Payment is set as July 31 DU July 7 Pay the employees $5.900.00 for work performed during the 1st wook of Ay July 10 Complete a mowing job for a new customer -- customer pays $4,250.00 cash for the job July 12 Collect $3.500.00 cash from the golf course for special rush mowing job completed on May 31 July 14 Pay the employece 57,100.00 for work performed during the 2nd week of July July 15 Purchase $1.825.00 of supplies from the mower dealer. The supplies are consumed immediately Lors will pay the mower dialer for the supplies in about 2 wooks. July 15 Collect $8,806.00 on account. The cash that is received is from the new customer for the job that was completed on July 3 July 17 One of the original mowers purchased in January of 2020 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $400.00. Lenny's will pay the mower deler in 30 days July 19 Purchase for cash $26.950.00 of supplies. These supplies will be consumed over the next 12 months July 20 Collect $30,000.00 from the property management company for work performed in June July 21 Pay the employees $7.500.00 for work performed aring the 3rd weekly July 23 Receive a $26,775.00 advance payment from the university. The advance payment is for 6 months al work which will be performed from August 1, 2021 to January 31, 2022 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $5.900.00 The golf course pays $1.000,00 cash on this date and will pay the remainder on August 25 July 27 Complete a mowing job for a new customer customer pays $3.725,00 canh for the job July 27 Pay 51,826.00 cash to the mower dealer for the supplies purchased on account on A 15 July 28 Pay the employees 56.890.00 for work performed during the dth week of jy July 1 Invoice the property management company 524,000.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. July 31 Pay the cash dividend which was declared on July Directant Trans Chart Acc Journal GL Assets July 27 Complete a mowing job for a new customer-customer pays $3.725,00 cash for the job. July 27 Pay 51805.00 cash to the mower deler for the Buglies purchased on account on July 15. DU July 21 Pay the employees $1.890.00 for work performed during the 4th week of July July 31 Invoice the property management comparty $24,000.00 for July mowing work. The property management company will pay the Invalce on the 20th of next month July 31 Pay the cash dividend which was declared on July 5. Additional Information Equipment: The 548,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2 2020. For information related to this mowing equipment e Page 70 in the Solid Footing (PDF 07 - Intro to Adusting Entries). This equipment continues to be used and should be depreciated for the month of July. The following information relates to the new equipment which was purchased on July 1, 2021: - The new equipment was placed into service on July 1, 2021 and should be depreciated for the month of July The estimated useful life of the new equipment is 5 years. At the end of 5 years, the new equipment will have no future value and will be scrapped The new equipment will be deprecated using the straight-line method Supplies At the end of July there are $28.080.00 supplies on-hand. Mowing Service the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2021. For information on the contract with the university and the related advance payment, 300 Pages 95 and in the Solid Fooling tod (PDF 08 - Adjusting Entries Continued Wages Dua the Employee The last wage payment was made to the employees on July 28, 2021. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $2,296.00 of wages These three days of wages will be paid to the workers during the first week of August Bank Loan The Interest on the loan from 1st Bank will be pold every three months. The first interest payment to the bank will be made on September 30, 201. Lenny's calls the bank on My 31 and the bark indicates that the interest on the loan for Juy is $810,00 Directions D Trans Chart Accts Ready Journal GL Assets Insert Draw Home Page Layout Wrap Tes Merge & Paste Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. fx B2 C2 Lenny's Lawn Service, Inc. - Chart of Accounts Account # Account Name 100 105 110 150 155 200 205 210 215 220 250 Assets: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Equity: Common Stock Retained Earnings Revenues: Service Revenue Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense 300 305 400 500 505 510 515 520 550 Interest Expense Directions Trans Ready Chartects Journal GL Assets GLL Paste BTU Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your H111 Sx 1000 Car Partie C2 Lenny's Lawn Service, Inc. General Journal Page 1 Account Name Posted 2011 Mesthay 7.3 Credit AGNE Nur 100 250 Debit 35,000.00 Cash Notes Payable Borrowed on Nole Payable x X 35,000.00 7-1 100 300 Cash common stock X 76.700.00 76.700.00 7-1 150 100 Equipment Cash Purchase of equipment X 59,700.00 59,700.00 741 515 100 Truck Rental Expense Cash Payment of truck X X 500.00 500.00 7-3 105 400 Account receivable Service revenue Invece of service X X 6,805.00 6.805.00 7.5 220 305 Divint payable Retain arning Pay dividers x x 30,000.00 x 30,000.00 7-7 7-7 210 100 Wages Expenses cash Pay to employees 5,900.00 X 5,900.00 7-10 400 100 Revenue Service Cash Revenue in cash 4,250.00 4,250.00 7.12 100 100 x Accountable Cash Gel pay from the golf course in canh X X 3,500.00 3,500.00 Lenny's Lawn Service, Inc. - General Journal Account Name Peale Debat Credit Directions Trans Chart Accts Journal GL Assets Po ad Failed There is a problem with the Web site's security certificate. Save to retry you fx 1000 Lenny's Lawn Service, Inc. - General Journal Page 2 Account Posted Credit Account Name 2021 Menth- 7-14 Debit 7,100.00 510 100 Wages experse Cash Pay wages 7,100.00 7-15 1,825.00 110 250 Suplies Notes Payable buy suplies and pay later X X 1,825.00 7-15 6,805.00 105 400 Account receivable Service revenue Got pay in account job 6,805.00 7-17 920.00 200 505 Account payable Mower Real expenso pay to fix mower x x X X 920.00 7-19 110 100 Suplies Cash Buy suplies * 26,950.00 X 26,950.00 7-20 105 400 Accoun Receivable Service Revenue got pay for service 30,000.00 x x x x 30,000.00 7-21 Wages expense 7,500.00 XX 7,500.00 Pay to employees 7.28 215 100 Unearned revenue Caan Pay in advance 26.775.00 26.775.00 7-25 105 100 400 accounts receivable Cash Service revenue x x 4,900.00 1,000.00 5,900.00 Lenny's Lawn Service, Inc. - General Journal Pro 2021 Why Account Name Pw Dahit Cred Directions Trans Chart Accts Journal GL Assets Can't rename Something went wrong Upload Failed There is a problem with the Web site's security certificate. Save to retry you fx 1000 Lenny's Lawn Service, Inc. - General Journal Pan3 Debit Posted Acount 2021 Wency 7.27 Credit 3,725.00 400 100 Account Name Service revenu Cash pot pay for service 3,725.00 1.825.00 7-Z7 110 500 suplies suples expense Pay the supe 1,825.00 7-31 24,000.00 105 400 Account receivable Service revenue Invoice a service 24,000.00 7-31 30,000.00 100 220 Cash dvidedes payable 30,000.00 7-31 Depreciation exponces Accumulated Deprication Depreciation XX 1.000.00 1,000.00 7-31 Depreciation expences Accumulated Depriciation XX 995.00 995.00 7-31 500 Suplies expenses Suplies x 3,245.00 3,245.00 7.31 Unearn Revenue Service revenue X XX 8,000.00 8,000.00 7-31 Wage expense Wam Payable X X 2,295.00 2,295.00 7431 terprise Verwat payable X 810.00 810.00 Lenny's Lawn Service, Ing. - General Journal PR Account Nam Pa De Credit Directions Trans Chart Accts Journal Ready GL Assets Paste Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload H111 fx 1000 C2 General Journal Lenny's Lawn Service, Inc. Page 14 Pe Dabik Credit 20:31 wy Account Name X 89,485.00 7-31 89,485.00 Service Revenue retainings closing X 5,540.00 Rean Earnings suples experies closingepenses 5,540.00 7-28 6,890.00 510 100 Wages per Cash 6,890.00 Lenny's Lawn Service, Inc. - General Journal DES Directions Trans Chart Accts Ready Journal GL Assets W . DD Merge & Cente Paste Can't rename Something went wrong and the file can't be renamed. 3 Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. 553 Account # 100 Cash Do NOTE 2 Journal int 2021 Jound Debit Credit Balance Month-Day Page 7.1 Beginning Balance 38,250.00 38,250.00 Dr 7-1 1 35,000.00 73,250.00 Dr 7-1 1 76,700.00 149,950.00 Dr 7-1 1 59,700.00 90,250.00 Dr 7-1 1 500.00 89,750.00 Dr 7-10 1 4,250.000 94,000.00 Dr 7-12 1 3,500.00 97,500.00 Dr 7-14 2 7,100.00 90,400.00 Dr 7-19 2 26,950.00 63,450.00 Dr 7-7 5,900.00 57,550.00 DO 7-21 2. 7,500.00 50,050.00 Dr 7-23 2 26,775.00 76.825.00 Dr 7-25 2 1,000.00 77.825.00 Dr 7-27 3 3,725.00 81,550.00 Dr 3 30,000.00 51,550.00 Dr 6,890.00 44,660.00 Dr Account # 105 Accounts Receivable Journa Page Debit Credit Beginning Balance 33,500.00 6,805.00 2021 Month Day 7.1 7-1 7-12 7.15 7-20 7-25 7-31 3,500.00 1 1 2 2 2 3 6,805.00 30,000.00 4,900.00 24,000.00 Balance 33,500.00 DE 40,305.00 Dr 36.805.00 DE 43,610.00 DE 73,610.00 Dr 78,510.00 Dr 102,510.00 Dr Directions Trans Chart Accts Ready A Journal GL Assets GL Liab-EC n't rename Something went wrong and the file can't be renamed. pload Failed There is a problem with the Web site's security certificate. Save to retry your upload. 2 3 7-25 7-31 4,900.00 24,000.00 78,510.00 Dr 102,510.00 Dr Account # 110 Supplies Debit Journ Pages Credit Balance 2021 Month-Day 7-1 Beginning Balance 2 2 4,375.00 1,825.00 26,950.00 4.375.00 Dr 6,200.00 Dr 33,150.00 Dr 7-19 7-15 7-32 3 3,245.00 29.905.00 Dr Account # 150 Equipment Journal Page! Credit Balance 2021 Month Oy 71 7-1 Beginning Balance Debit 48,000.00 59,700.00 48,000.00 Dr 107.700.00 Dr 1 Account # 155 Accumulated Depreciation Jouma Page! Debit 2021 Month-Day 7-1 7:31 7-31 Beginning Balance 3 Credit 18,000.00 1,000.00 995.00 Balance 18,000.00 Cr 19,000.00 Cr 19,995.00 CE 13 Dictions 1 Trans Chart Accts Ready Journal GL Assets GL Liat rename Something went wrong and the file can't be renamed. ad Faited There is a problem with the Web site's security certificate. Save to retry your upload. fx 920 Enter am typing int Account # 200 Accounts Payable Do NOT Journal in Jouma Page 1 Debit Credit Balance 2021 Month-Day 7-1 7-17 Beginning Balance 0.00 920.00 0.00 Cr 920.00 Cr 2 Account # 205 Wages Payable Journal Peged Debit Credit 2021 Month-Day 7-1 7-31 Beginning Balance 0.00 2.295.00 Balance 0.001C 2,295.00 Cr 4 Account # 210 Interest Payable Journal Debit Credit Pegel 20211 Month-Day 7-1 7-31 Beginning Balance 0.00 810.00 Balance 0.00 CP 810,00 Cr 3 Account # 215 Unearned Revenue Journal Page! Debit Credit 2021 Month-Day 7-1 7-23 7-31 Beginning Balance 8,000.00 26.775.00 Balance 8,000.00 C 34.775.00C 26.775.00 Cr 2 8,000.00 Account 220 Directions Dividends Payable Trans Chart Accts Journal GL Assets GL Liab- cady 11 Paste Can't rename Something went wrong and the file can't be renamed. Upload Falled There is a problem with the Web site's security certificate. Save to retry your upload. 10 fx 920 Account # 220 Dividends Payable Journal Page! Debit 2021 Month Day 7.1 Beginning Balance 7.1 Credit 0.00 30,000.00 Balance 0.00 30,000.00 Cr 0.00 Cr 1 3 30,000.00 Account # 250 Note Payable Journal Page Debit Balance 2021 Month Oy 7-1 Beginning Balance 741 7-15 Credit 0.00 35,000.00 1.825.00 1 2. 0.00 Cr 35,000.00 Cr 36,825.00 Cr Account # 300 Common Stock Journal Page! Debit Credit 2021 Month Day 7.1 7-1 Beginning Balance Balance 50,000.00 C 126,700.00 C 50,000.00 76,700.00 1 Account # 305 Retained Earnings Jouma Proud Debit 2021 Month-Day 7-1 7-5 Credit Beginning Balance 48,125.00 Balance 48,125,00 C 18,125,00 C 1 30,000.00 Directions Trans Chart Accts Journal GL Assets Ready GL Liab-EG Merge Paste Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. 28 fx 1825 TY 2 Account 400 Service Revenue DO Jo 2021 Month-Day Balance Journal Page 1 Debit 7-1 Beginning Balance 1 7-1 7-10 7-15 7-20 7-27 NN- 2 2 Credit 0.00 6,805.00 4,250.00 6,805.00 30,000.00 3,725.00 24,000.00 8,000.00 5,900.00 0.00 Cr 6,805.00 Cr 11,055.00 CP 17,860.00 C 47,860.00 Cr 51,585.00 Cr 75,585.00 C 83,585.00 cm 89.485.00 Cr 7-31 7-25 3 3 Account # 500 Supplies Expense Jouma Paset Credit Balance 2021 Menth-Day 7-1 Beginning Balance 7-31 7-31 Debit 0.00 3,245.00 2,295.00 3 3 0.00 Dr 3,245.00 DE 5,540.00 Dr 3,715.00 Dr 1.825.000 Account # 505 Mower Repair Expense Jour Page Debit Credit Balance 2021 Month-Day 7-1 7-17 Beginning Balance 2 0.00 920.00 0.00 Dr 920.00 Dr Account # 510 Wages Expense Directions Trans Chart Acct Journal GL Assets GL LL Ready Paste Merge Center Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. H28 fx 1825 C2 Account # 510 Wages Expense Journal Page! Credit 2021 Manth Day 7-1 Beginning Balance 7-7 7-14 7.10 7-31 7-28 1 2 2 3 4 Debit 0.00 5,900.00 7,100.00 7,500.00 2,295.00 6,890.00 Balance 0.00 Dr 5,900.00 or 13,000.00 Dr 20,500.00 DE 22,795.00 DE 29,685.00 Dr Account # 515 Truck Rental Expense 2021 Month-Day 7.1 Journal Page 1 Debit Credit Balance Beginning Balance 0.00 500.00 0.00 Dr 500.00 Dr 1 Account # 520 Depreciation Expense Jour Page! Credit 2021 Month-Day 7-1 7-31 7-31 Beginning Balance Debit 0.00 1,000.00 995.00 3 3 Balance 0.00 DE 1,000.00 Or 1,995.00 or Account # 550 Interest Expenso Jour 2021 Math Day A Directions Debit Credit Balance Trans Chart Accts Journal GL Assols AGL Liab-Equin Ready TT Morge & Center Paste Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. H28 Xfx 1825 C2 Truck Rental Expense Account # 515 Credit Journal Page 2021 Month Day 7.1 Beginning Balance Debit 0.00 500.00 Balance 0.00 Dr 500.00 Dr 1 Account # 520 Depreciation Expense Journal Page! Debit Credit 2021 Month-Day 7-1 7-31 7-31 Beginning Balance 0.00 Balance 0.00 Dr 1,000.00 DE 1,995.00 DE 3 3 1,000.00 995.00 Account # 550 Interest Expense Juma Credit 2021 Month Day 7.1 Debit 0.00 810.00 Balance 0.00 Dr 810.00 DE Beginning Balance Directions Trans Chart Accts Journal GL Assets GL Liab-ES Ready v AA ( Wrap Text aste Merge & Center Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. fx 1995 Cesar Mendez Portillo Lenny's - July 31, 2021 Pre-Closing Trial Balance Account Account Name Debit Credit Enter amou typing in the 44,660.00 102,510.00 29,905.00 107.700.00 Do NOT COP 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Uneamed Revenue Dividends Payable Note Payable Common Stock Retained Earnings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 19,995.00 920.00 2,295.00 810.00 26,775.00 0.00 36,825.00 126,700.00 18,125.00 89,485.00 3,715.00 920.00 29,685.00 500.00 1,995.00 810.00 322,400.00 321,930.00 Trans A Chart Acats Journal GL Assets GL Liab-Equ A Directions 1 Ready Paste Can't rename Something went wrong and the file can't be renamed. 8 $ Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. D30 $x 76700 C2 Lenny's Lawn Service, Inc. CAUTION Income Statement Enter amounts into the Financial Statements for the Month Ended July 31, 2021 Do NOT copy cells from the General Ledger o Service Revenue $89,485.00 Operating Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Total Operating Expenses Income from Operations Interest Expense Net Income (Loss) (5,540.00) (920.00) (22.795.00) (500.00) (1,995.00) (31,750.00) 57.735.00 (810.00) $56,925.00 Note the new line item on Lenny's Income from Operations. This is the normal operations of the lawn Interest Expense, which is not a business but rather a cost of finan below Income from Operations. In from Income from Operations to ar Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2021 This is the first Stockholders' caused the chal from July 1, 202 column on the have been doing amount needed starting amount used Current Bal is the starting po as a line item (a Common Stock $50,000.00 76,700.00 Beginning Balance July 1, 2021 Issue Common Stock Net Income (LOSS) Dividends Ending Balance July 31, 2021 Retained Earnings Total $48,125.00 $98,125.00 76,700.00 56,925.00 56.925.00 (30,000.00) (30,000.00) $75,050.00 $201.750.00 $126,700.00 The Ending Bala needed for the Bo Directions Trans Chart Accts Journal Ready GL Assets GL Lieb-E D34 C2 fx 18125 Cesar Mendez Portillo Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2021 CAT Enter amounts into the Balance Do NOT copy cells from the Gen Assets Curent Assets: Cash Accounts Receivable Supplies Total Current Assets Property & Equipment / Equipment Accumulated Depreciation Property & Equipment, net Total Assets $52,300.00 101,760.00 28,080.00 182,140.00 Note the following three ne Lenny's Balance Sheet: 107.700.00 (19.995.00) 87,705.00 $269,845.00 Total Current Assets is a which will turn into cash du be consumed during the ne comparison of Total Current Liabilities gives some indica that is, its ability to pay its b Property & Equipment, ne Asset cost, which remains to accounting periods. Total Current Liabilities is a liabilities that will require pay months. In the case of Unea current liability will be "paid-o mowing services to the unive $920.00 2,295.00 810.00 26,775.00 30,800.00 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Uneamed Revenue Total Current Liabilities Long-Term Liabilities: Note Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 36,825.00 67.625.00 126,700.00 18,125.00 144,825.00 $212.450.00 Directions Trans Chart Accts Journal GL Assets GEL Ready Lenny's - July 31, 2021 Post-Closing Trial Balance Account # Credit Debit Account Name 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Uneamed Revenue Dividends Payable Note Payable Common Stock Retained Earings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 75,050.00 510 515 520 550 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 75,050.00 Trans Directions Ready 17 Chart Accts Journal GL Assets GL LI Failed There is a problem with the Web site's security certificate. Save to retry your up July 2021 Transactions Date Description of the Transaction July1 Borrow $35,000.00 from 1st Bank by signing a 24 monthnote (As an example of how to joumalize and post and action this transaction has already been entered into the General Journal and posted to the General Ledge) July 1 Receive $76,700.00 cash from new investors, and Issue 570.700.00 of Common Stock to them. July 1 Purchase $59,700.00 now mowing equipment, paying cash to the mower dealer July 1 Pay $500,00 cash for the July truck rental July 3 Invoice a new customer $8.805.00 for a completed mowingJob - customer will pay in 10 days July 5 The Board of Directors declares a cash dividend The total amount of the dividend is $30,000.00 The Dale of Record is set as July 15. The Date of Payment is set as July 31 DU July 7 Pay the employees $5.900.00 for work performed during the 1st wook of Ay July 10 Complete a mowing job for a new customer -- customer pays $4,250.00 cash for the job July 12 Collect $3.500.00 cash from the golf course for special rush mowing job completed on May 31 July 14 Pay the employece 57,100.00 for work performed during the 2nd week of July July 15 Purchase $1.825.00 of supplies from the mower dealer. The supplies are consumed immediately Lors will pay the mower dialer for the supplies in about 2 wooks. July 15 Collect $8,806.00 on account. The cash that is received is from the new customer for the job that was completed on July 3 July 17 One of the original mowers purchased in January of 2020 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $400.00. Lenny's will pay the mower deler in 30 days July 19 Purchase for cash $26.950.00 of supplies. These supplies will be consumed over the next 12 months July 20 Collect $30,000.00 from the property management company for work performed in June July 21 Pay the employees $7.500.00 for work performed aring the 3rd weekly July 23 Receive a $26,775.00 advance payment from the university. The advance payment is for 6 months al work which will be performed from August 1, 2021 to January 31, 2022 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $5.900.00 The golf course pays $1.000,00 cash on this date and will pay the remainder on August 25 July 27 Complete a mowing job for a new customer customer pays $3.725,00 canh for the job July 27 Pay 51,826.00 cash to the mower dealer for the supplies purchased on account on A 15 July 28 Pay the employees 56.890.00 for work performed during the dth week of jy July 1 Invoice the property management company 524,000.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. July 31 Pay the cash dividend which was declared on July Directant Trans Chart Acc Journal GL Assets July 27 Complete a mowing job for a new customer-customer pays $3.725,00 cash for the job. July 27 Pay 51805.00 cash to the mower deler for the Buglies purchased on account on July 15. DU July 21 Pay the employees $1.890.00 for work performed during the 4th week of July July 31 Invoice the property management comparty $24,000.00 for July mowing work. The property management company will pay the Invalce on the 20th of next month July 31 Pay the cash dividend which was declared on July 5. Additional Information Equipment: The 548,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2 2020. For information related to this mowing equipment e Page 70 in the Solid Footing (PDF 07 - Intro to Adusting Entries). This equipment continues to be used and should be depreciated for the month of July. The following information relates to the new equipment which was purchased on July 1, 2021: - The new equipment was placed into service on July 1, 2021 and should be depreciated for the month of July The estimated useful life of the new equipment is 5 years. At the end of 5 years, the new equipment will have no future value and will be scrapped The new equipment will be deprecated using the straight-line method Supplies At the end of July there are $28.080.00 supplies on-hand. Mowing Service the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2021. For information on the contract with the university and the related advance payment, 300 Pages 95 and in the Solid Fooling tod (PDF 08 - Adjusting Entries Continued Wages Dua the Employee The last wage payment was made to the employees on July 28, 2021. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $2,296.00 of wages These three days of wages will be paid to the workers during the first week of August Bank Loan The Interest on the loan from 1st Bank will be pold every three months. The first interest payment to the bank will be made on September 30, 201. Lenny's calls the bank on My 31 and the bark indicates that the interest on the loan for Juy is $810,00 Directions D Trans Chart Accts Ready Journal GL Assets Insert Draw Home Page Layout Wrap Tes Merge & Paste Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. fx B2 C2 Lenny's Lawn Service, Inc. - Chart of Accounts Account # Account Name 100 105 110 150 155 200 205 210 215 220 250 Assets: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Equity: Common Stock Retained Earnings Revenues: Service Revenue Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense 300 305 400 500 505 510 515 520 550 Interest Expense Directions Trans Ready Chartects Journal GL Assets GLL Paste BTU Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your H111 Sx 1000 Car Partie C2 Lenny's Lawn Service, Inc. General Journal Page 1 Account Name Posted 2011 Mesthay 7.3 Credit AGNE Nur 100 250 Debit 35,000.00 Cash Notes Payable Borrowed on Nole Payable x X 35,000.00 7-1 100 300 Cash common stock X 76.700.00 76.700.00 7-1 150 100 Equipment Cash Purchase of equipment X 59,700.00 59,700.00 741 515 100 Truck Rental Expense Cash Payment of truck X X 500.00 500.00 7-3 105 400 Account receivable Service revenue Invece of service X X 6,805.00 6.805.00 7.5 220 305 Divint payable Retain arning Pay dividers x x 30,000.00 x 30,000.00 7-7 7-7 210 100 Wages Expenses cash Pay to employees 5,900.00 X 5,900.00 7-10 400 100 Revenue Service Cash Revenue in cash 4,250.00 4,250.00 7.12 100 100 x Accountable Cash Gel pay from the golf course in canh X X 3,500.00 3,500.00 Lenny's Lawn Service, Inc. - General Journal Account Name Peale Debat Credit Directions Trans Chart Accts Journal GL Assets Po ad Failed There is a problem with the Web site's security certificate. Save to retry you fx 1000 Lenny's Lawn Service, Inc. - General Journal Page 2 Account Posted Credit Account Name 2021 Menth- 7-14 Debit 7,100.00 510 100 Wages experse Cash Pay wages 7,100.00 7-15 1,825.00 110 250 Suplies Notes Payable buy suplies and pay later X X 1,825.00 7-15 6,805.00 105 400 Account receivable Service revenue Got pay in account job 6,805.00 7-17 920.00 200 505 Account payable Mower Real expenso pay to fix mower x x X X 920.00 7-19 110 100 Suplies Cash Buy suplies * 26,950.00 X 26,950.00 7-20 105 400 Accoun Receivable Service Revenue got pay for service 30,000.00 x x x x 30,000.00 7-21 Wages expense 7,500.00 XX 7,500.00 Pay to employees 7.28 215 100 Unearned revenue Caan Pay in advance 26.775.00 26.775.00 7-25 105 100 400 accounts receivable Cash Service revenue x x 4,900.00 1,000.00 5,900.00 Lenny's Lawn Service, Inc. - General Journal Pro 2021 Why Account Name Pw Dahit Cred Directions Trans Chart Accts Journal GL Assets Can't rename Something went wrong Upload Failed There is a problem with the Web site's security certificate. Save to retry you fx 1000 Lenny's Lawn Service, Inc. - General Journal Pan3 Debit Posted Acount 2021 Wency 7.27 Credit 3,725.00 400 100 Account Name Service revenu Cash pot pay for service 3,725.00 1.825.00 7-Z7 110 500 suplies suples expense Pay the supe 1,825.00 7-31 24,000.00 105 400 Account receivable Service revenue Invoice a service 24,000.00 7-31 30,000.00 100 220 Cash dvidedes payable 30,000.00 7-31 Depreciation exponces Accumulated Deprication Depreciation XX 1.000.00 1,000.00 7-31 Depreciation expences Accumulated Depriciation XX 995.00 995.00 7-31 500 Suplies expenses Suplies x 3,245.00 3,245.00 7.31 Unearn Revenue Service revenue X XX 8,000.00 8,000.00 7-31 Wage expense Wam Payable X X 2,295.00 2,295.00 7431 terprise Verwat payable X 810.00 810.00 Lenny's Lawn Service, Ing. - General Journal PR Account Nam Pa De Credit Directions Trans Chart Accts Journal Ready GL Assets Paste Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload H111 fx 1000 C2 General Journal Lenny's Lawn Service, Inc. Page 14 Pe Dabik Credit 20:31 wy Account Name X 89,485.00 7-31 89,485.00 Service Revenue retainings closing X 5,540.00 Rean Earnings suples experies closingepenses 5,540.00 7-28 6,890.00 510 100 Wages per Cash 6,890.00 Lenny's Lawn Service, Inc. - General Journal DES Directions Trans Chart Accts Ready Journal GL Assets W . DD Merge & Cente Paste Can't rename Something went wrong and the file can't be renamed. 3 Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. 553 Account # 100 Cash Do NOTE 2 Journal int 2021 Jound Debit Credit Balance Month-Day Page 7.1 Beginning Balance 38,250.00 38,250.00 Dr 7-1 1 35,000.00 73,250.00 Dr 7-1 1 76,700.00 149,950.00 Dr 7-1 1 59,700.00 90,250.00 Dr 7-1 1 500.00 89,750.00 Dr 7-10 1 4,250.000 94,000.00 Dr 7-12 1 3,500.00 97,500.00 Dr 7-14 2 7,100.00 90,400.00 Dr 7-19 2 26,950.00 63,450.00 Dr 7-7 5,900.00 57,550.00 DO 7-21 2. 7,500.00 50,050.00 Dr 7-23 2 26,775.00 76.825.00 Dr 7-25 2 1,000.00 77.825.00 Dr 7-27 3 3,725.00 81,550.00 Dr 3 30,000.00 51,550.00 Dr 6,890.00 44,660.00 Dr Account # 105 Accounts Receivable Journa Page Debit Credit Beginning Balance 33,500.00 6,805.00 2021 Month Day 7.1 7-1 7-12 7.15 7-20 7-25 7-31 3,500.00 1 1 2 2 2 3 6,805.00 30,000.00 4,900.00 24,000.00 Balance 33,500.00 DE 40,305.00 Dr 36.805.00 DE 43,610.00 DE 73,610.00 Dr 78,510.00 Dr 102,510.00 Dr Directions Trans Chart Accts Ready A Journal GL Assets GL Liab-EC n't rename Something went wrong and the file can't be renamed. pload Failed There is a problem with the Web site's security certificate. Save to retry your upload. 2 3 7-25 7-31 4,900.00 24,000.00 78,510.00 Dr 102,510.00 Dr Account # 110 Supplies Debit Journ Pages Credit Balance 2021 Month-Day 7-1 Beginning Balance 2 2 4,375.00 1,825.00 26,950.00 4.375.00 Dr 6,200.00 Dr 33,150.00 Dr 7-19 7-15 7-32 3 3,245.00 29.905.00 Dr Account # 150 Equipment Journal Page! Credit Balance 2021 Month Oy 71 7-1 Beginning Balance Debit 48,000.00 59,700.00 48,000.00 Dr 107.700.00 Dr 1 Account # 155 Accumulated Depreciation Jouma Page! Debit 2021 Month-Day 7-1 7:31 7-31 Beginning Balance 3 Credit 18,000.00 1,000.00 995.00 Balance 18,000.00 Cr 19,000.00 Cr 19,995.00 CE 13 Dictions 1 Trans Chart Accts Ready Journal GL Assets GL Liat rename Something went wrong and the file can't be renamed. ad Faited There is a problem with the Web site's security certificate. Save to retry your upload. fx 920 Enter am typing int Account # 200 Accounts Payable Do NOT Journal in Jouma Page 1 Debit Credit Balance 2021 Month-Day 7-1 7-17 Beginning Balance 0.00 920.00 0.00 Cr 920.00 Cr 2 Account # 205 Wages Payable Journal Peged Debit Credit 2021 Month-Day 7-1 7-31 Beginning Balance 0.00 2.295.00 Balance 0.001C 2,295.00 Cr 4 Account # 210 Interest Payable Journal Debit Credit Pegel 20211 Month-Day 7-1 7-31 Beginning Balance 0.00 810.00 Balance 0.00 CP 810,00 Cr 3 Account # 215 Unearned Revenue Journal Page! Debit Credit 2021 Month-Day 7-1 7-23 7-31 Beginning Balance 8,000.00 26.775.00 Balance 8,000.00 C 34.775.00C 26.775.00 Cr 2 8,000.00 Account 220 Directions Dividends Payable Trans Chart Accts Journal GL Assets GL Liab- cady 11 Paste Can't rename Something went wrong and the file can't be renamed. Upload Falled There is a problem with the Web site's security certificate. Save to retry your upload. 10 fx 920 Account # 220 Dividends Payable Journal Page! Debit 2021 Month Day 7.1 Beginning Balance 7.1 Credit 0.00 30,000.00 Balance 0.00 30,000.00 Cr 0.00 Cr 1 3 30,000.00 Account # 250 Note Payable Journal Page Debit Balance 2021 Month Oy 7-1 Beginning Balance 741 7-15 Credit 0.00 35,000.00 1.825.00 1 2. 0.00 Cr 35,000.00 Cr 36,825.00 Cr Account # 300 Common Stock Journal Page! Debit Credit 2021 Month Day 7.1 7-1 Beginning Balance Balance 50,000.00 C 126,700.00 C 50,000.00 76,700.00 1 Account # 305 Retained Earnings Jouma Proud Debit 2021 Month-Day 7-1 7-5 Credit Beginning Balance 48,125.00 Balance 48,125,00 C 18,125,00 C 1 30,000.00 Directions Trans Chart Accts Journal GL Assets Ready GL Liab-EG Merge Paste Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. 28 fx 1825 TY 2 Account 400 Service Revenue DO Jo 2021 Month-Day Balance Journal Page 1 Debit 7-1 Beginning Balance 1 7-1 7-10 7-15 7-20 7-27 NN- 2 2 Credit 0.00 6,805.00 4,250.00 6,805.00 30,000.00 3,725.00 24,000.00 8,000.00 5,900.00 0.00 Cr 6,805.00 Cr 11,055.00 CP 17,860.00 C 47,860.00 Cr 51,585.00 Cr 75,585.00 C 83,585.00 cm 89.485.00 Cr 7-31 7-25 3 3 Account # 500 Supplies Expense Jouma Paset Credit Balance 2021 Menth-Day 7-1 Beginning Balance 7-31 7-31 Debit 0.00 3,245.00 2,295.00 3 3 0.00 Dr 3,245.00 DE 5,540.00 Dr 3,715.00 Dr 1.825.000 Account # 505 Mower Repair Expense Jour Page Debit Credit Balance 2021 Month-Day 7-1 7-17 Beginning Balance 2 0.00 920.00 0.00 Dr 920.00 Dr Account # 510 Wages Expense Directions Trans Chart Acct Journal GL Assets GL LL Ready Paste Merge Center Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. H28 fx 1825 C2 Account # 510 Wages Expense Journal Page! Credit 2021 Manth Day 7-1 Beginning Balance 7-7 7-14 7.10 7-31 7-28 1 2 2 3 4 Debit 0.00 5,900.00 7,100.00 7,500.00 2,295.00 6,890.00 Balance 0.00 Dr 5,900.00 or 13,000.00 Dr 20,500.00 DE 22,795.00 DE 29,685.00 Dr Account # 515 Truck Rental Expense 2021 Month-Day 7.1 Journal Page 1 Debit Credit Balance Beginning Balance 0.00 500.00 0.00 Dr 500.00 Dr 1 Account # 520 Depreciation Expense Jour Page! Credit 2021 Month-Day 7-1 7-31 7-31 Beginning Balance Debit 0.00 1,000.00 995.00 3 3 Balance 0.00 DE 1,000.00 Or 1,995.00 or Account # 550 Interest Expenso Jour 2021 Math Day A Directions Debit Credit Balance Trans Chart Accts Journal GL Assols AGL Liab-Equin Ready TT Morge & Center Paste Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. H28 Xfx 1825 C2 Truck Rental Expense Account # 515 Credit Journal Page 2021 Month Day 7.1 Beginning Balance Debit 0.00 500.00 Balance 0.00 Dr 500.00 Dr 1 Account # 520 Depreciation Expense Journal Page! Debit Credit 2021 Month-Day 7-1 7-31 7-31 Beginning Balance 0.00 Balance 0.00 Dr 1,000.00 DE 1,995.00 DE 3 3 1,000.00 995.00 Account # 550 Interest Expense Juma Credit 2021 Month Day 7.1 Debit 0.00 810.00 Balance 0.00 Dr 810.00 DE Beginning Balance Directions Trans Chart Accts Journal GL Assets GL Liab-ES Ready v AA ( Wrap Text aste Merge & Center Can't rename Something went wrong and the file can't be renamed. Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. fx 1995 Cesar Mendez Portillo Lenny's - July 31, 2021 Pre-Closing Trial Balance Account Account Name Debit Credit Enter amou typing in the 44,660.00 102,510.00 29,905.00 107.700.00 Do NOT COP 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Uneamed Revenue Dividends Payable Note Payable Common Stock Retained Earnings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 19,995.00 920.00 2,295.00 810.00 26,775.00 0.00 36,825.00 126,700.00 18,125.00 89,485.00 3,715.00 920.00 29,685.00 500.00 1,995.00 810.00 322,400.00 321,930.00 Trans A Chart Acats Journal GL Assets GL Liab-Equ A Directions 1 Ready Paste Can't rename Something went wrong and the file can't be renamed. 8 $ Upload Failed There is a problem with the Web site's security certificate. Save to retry your upload. D30 $x 76700 C2 Lenny's Lawn Service, Inc. CAUTION Income Statement Enter amounts into the Financial Statements for the Month Ended July 31, 2021 Do NOT copy cells from the General Ledger o Service Revenue $89,485.00 Operating Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Total Operating Expenses Income from Operations Interest Expense Net Income (Loss) (5,540.00) (920.00) (22.795.00) (500.00) (1,995.00) (31,750.00) 57.735.00 (810.00) $56,925.00 Note the new line item on Lenny's Income from Operations. This is the normal operations of the lawn Interest Expense, which is not a business but rather a cost of finan below Income from Operations. In from Income from Operations to ar Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2021 This is the first Stockholders' caused the chal from July 1, 202 column on the have been doing amount needed starting amount used Current Bal is the starting po as a line item (a Common Stock $50,000.00 76,700.00 Beginning Balance July 1, 2021 Issue Common Stock Net Income (LOSS) Dividends Ending Balance July 31, 2021 Retained Earnings Total $48,125.00 $98,125.00 76,700.00 56,925.00 56.925.00 (30,000.00) (30,000.00) $75,050.00 $201.750.00 $126,700.00 The Ending Bala needed for the Bo Directions Trans Chart Accts Journal Ready GL Assets GL Lieb-E D34 C2 fx 18125 Cesar Mendez Portillo Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2021 CAT Enter amounts into the Balance Do NOT copy cells from the Gen Assets Curent Assets: Cash Accounts Receivable Supplies Total Current Assets Property & Equipment / Equipment Accumulated Depreciation Property & Equipment, net Total Assets $52,300.00 101,760.00 28,080.00 182,140.00 Note the following three ne Lenny's Balance Sheet: 107.700.00 (19.995.00) 87,705.00 $269,845.00 Total Current Assets is a which will turn into cash du be consumed during the ne comparison of Total Current Liabilities gives some indica that is, its ability to pay its b Property & Equipment, ne Asset cost, which remains to accounting periods. Total Current Liabilities is a liabilities that will require pay months. In the case of Unea current liability will be "paid-o mowing services to the unive $920.00 2,295.00 810.00 26,775.00 30,800.00 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Uneamed Revenue Total Current Liabilities Long-Term Liabilities: Note Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 36,825.00 67.625.00 126,700.00 18,125.00 144,825.00 $212.450.00 Directions Trans Chart Accts Journal GL Assets GEL Ready Lenny's - July 31, 2021 Post-Closing Trial Balance Account # Credit Debit Account Name 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Uneamed Revenue Dividends Payable Note Payable Common Stock Retained Earings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 75,050.00 510 515 520 550 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 75,050.00 Trans Directions Ready 17 Chart Accts Journal GL Assets GL LI
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
Study Help