1. Please do general journal with adjustment entries
2. do general ledger for (cash, Acc Receivable, Supplies, Equipment, Accum Depreciation, Acc Payable, Wages Payable, Interest Payable, unearned Rev, Dividends Payable, Note Payable, Common Stock, Retained Earnings,Service Rev, Supplies Expense, Repair Expense, Wages Expense, Rental Expense, Deprec Expense & Interest Expense)
3. Fill out pre closing trial balance
4. Fill out income statement & stockholders equity
5. Fill out balance sheet
6. Fill out post closing trial balance
July 1 Homov O hom it Dent by signing a 24 monthnote One of the Girma posledn ej better M July 1 Rebew72.16. carionnewestors, and it ve 072350.00 of Common Dock to the Velg 1 Purchase to 900 binevmowrecuponi, poping cash to the mover de sol July 1 Pay$500.00 cash for the July truck rental July 3 V A Devaustome $2,17500 for a completed moving job-ustorie vilji 10 days u gs The Board of Director declares a cash didend. The total amount of the dividendis 122,500.00 The Due o Pecordis set as jy . The Dale of Payment is set as July 31 Wely 7 Paytheployees $6,000.00 for Moik performed during the ist veoko 10 Compresoning job for any customer-customer pay $6,500.00 ath for the job July Collect $3,500.00 cash rontgoFoouse for selalrush mowing completed on May 1 W Paymerployees 17.800.00 for Mot petiormed during the 2nd week of July 15 Purchase $1190.00 or supplies in the move dealer. The supplies to consumed immediately Lerrus will pay the mower deals for the supplies in about 2 weeks. July 15 Color $25.00 on scurt The cach that is received is from the new customer for the los that was completed on du July 17 One of the ong repchacadis dealer. The cost of the Mower Flopath y o oke down and repaired by the most 0740.00. Lerry's Mill pay the overdelerin 30 das July 13 Purchase lor ca 200 of supples. These s i vile ed over the next 12 month Walg 20 Bolet00000 rom the property management company formon promedin July 21 Parthesmojo ...for vor performed during the US July 23 R ive 2 000 dance stene from the University The advance payment is for 6 months of work which will be poredom Ag200nuary 312020 July 25 Complete a spe c ial to the gollosure. The total color the mounobis 34,100.00 The house pst 1500 as onde vip them on August 25 July 27 Complotea howing for a new customer-customer pas 3,000 cash for the Jalg 27 F 10.00 each to the movedet for the suppies chased on scout 15. July 20 th empot 2000 work womed deing the 4th of Jals nuclee property management arrang 1,650.00 for mong work. The property management Mise the invlor on the whole month 21 P the candidata which h edondo B dilional information Equipment: The $48000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2 2018 For information related to this moving equipment See page in the Solid Footing bookil 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, 2019 The new equipment was placed into service on July 2019 and should be depreciated For the month of July The estimated useful life of the new equipment is 5 yearsia At the end of 5 years, the new equipment will have no future value and will be serapped The new equipment will be depreciated using the straight-line method Supplies At the end of July there are $21,800.00 supplies on hand. Moving Servici at the Universi The monthly mowing service was provided to the university per the contract signed on Apol: 2013 For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. Vages the Emplogees The last wage payment was made to the employees on July 28.2019 The employees worked on July 28, 30 and 31. For these three days of work the employees earned $2.150,00 of wages. These three days of wages will be paid to the workers during the first week of Augusti HOTELLIT Bank Loan: The interest on the loan itom Bank will be paid everythree months. The first interest payment to the bank will be made on September 30, 2019 Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $575.00 Observe on the screen that Lenny's has a $48.000 balance in its Equipment account. This equipment was purchased over a year ago, on January 2, 2018, when Lenny's started in business. At that time, Lenny's estimated: D The lawn mowing equipment would last for four years (48 months). At the end of the four years, the equipment would have no future value and would be scrapped. Therefore, for each month that Lenny's uses the lawn mowing equipment, 1/48th of the equipment's service life is used up. If the balance in the Equipment account is reduced by 1/48th of its original cost each month; then by the end of four years, the balance in the Equipment account will be zero. The calculation of the monthly reduction amount is: Equipment Cost = Monthly reduction in Equipment account Months of Useful Life $48.000 Pg.70 = $1,000 per month 48 months The timeline below shows the period of service covered by the $32.000 Lenny's receive April 1. You can see from the timeline that on April 1. Lenny's owed the university services. The original $32,000 entry into the Unearned Liability account reflected Lenny liability for future services to the university. The timeline also shows the period of time and the dollar amount of services the univers due as of the end of April. As of April 30, Lenny's owes the university three months Each month of service has a value of $8,000: thus Lenny's owes the university $24,00 services as of April 30. Because the balance in the Unearned Revenue account tracks liability for future services to the university, the April 30 balance in the Unearned Revenue should be $24,000. Pg.95 >> RECEIVE ADVANCE PAYMENT TRANSACTION Unearned Revenue Timeline On April 1, Lenny's signs a contract to perform lawn services for a new customer. The new customer is a university in the Tampa area. The contract Lenny's signs with the university stipulates that Lenny's will be paid an $8,000 monthly fee for the lawn services. As part of the contract agreement, the university agrees to pay the first four months of services in advance; thus Lenny's receives $32,000 cash from the university on April 1. $32,000 ---- May 31 -------- July 31 April 1 April 30 June 30 Pg.98 $24,000 Account Account Name Debit Credit Enter an by typing DO NOT 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 A ccumulatad Depreciation 200A xunts Payable 205 Wages Payable 210 Interast Payable 215 Unearned Revenue 220 Diviitanik: Payable 250 Note Payable 300 Common Stock 205 Ratainad Earnings 400 Sorvice Ravenu 500 Supplies Expense 505 Mower Repair Cxpense h10W ages Expense Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Totals 0.00 Account Account Name Debit Credit CAUTION Enter amounts to the Pust- csiny by typing in the amounts Note the flowing three new Lenys Larco Shot labels haringan 105 Accounts Rovable Spes Equipment Accum. led Depecialun DO NOT COPYce tromme General Les loisirs Asra alor toere TH + AE LIATE. Come Toten Assets in Telur Mount Deprecat Papery & EMIL Total Asses 2. M an be teprocking Line & Stuck Fury MSN 12 Imith. It can of haarsed on this Tescribes the new Wapense chales y The' Total Labs & Stockholm Equity Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev Directions Trans Chart Accts Journal GL Assets GL Lisb-Equity GL Rev. July 1 Homov O hom it Dent by signing a 24 monthnote One of the Girma posledn ej better M July 1 Rebew72.16. carionnewestors, and it ve 072350.00 of Common Dock to the Velg 1 Purchase to 900 binevmowrecuponi, poping cash to the mover de sol July 1 Pay$500.00 cash for the July truck rental July 3 V A Devaustome $2,17500 for a completed moving job-ustorie vilji 10 days u gs The Board of Director declares a cash didend. The total amount of the dividendis 122,500.00 The Due o Pecordis set as jy . The Dale of Payment is set as July 31 Wely 7 Paytheployees $6,000.00 for Moik performed during the ist veoko 10 Compresoning job for any customer-customer pay $6,500.00 ath for the job July Collect $3,500.00 cash rontgoFoouse for selalrush mowing completed on May 1 W Paymerployees 17.800.00 for Mot petiormed during the 2nd week of July 15 Purchase $1190.00 or supplies in the move dealer. The supplies to consumed immediately Lerrus will pay the mower deals for the supplies in about 2 weeks. July 15 Color $25.00 on scurt The cach that is received is from the new customer for the los that was completed on du July 17 One of the ong repchacadis dealer. The cost of the Mower Flopath y o oke down and repaired by the most 0740.00. Lerry's Mill pay the overdelerin 30 das July 13 Purchase lor ca 200 of supples. These s i vile ed over the next 12 month Walg 20 Bolet00000 rom the property management company formon promedin July 21 Parthesmojo ...for vor performed during the US July 23 R ive 2 000 dance stene from the University The advance payment is for 6 months of work which will be poredom Ag200nuary 312020 July 25 Complete a spe c ial to the gollosure. The total color the mounobis 34,100.00 The house pst 1500 as onde vip them on August 25 July 27 Complotea howing for a new customer-customer pas 3,000 cash for the Jalg 27 F 10.00 each to the movedet for the suppies chased on scout 15. July 20 th empot 2000 work womed deing the 4th of Jals nuclee property management arrang 1,650.00 for mong work. The property management Mise the invlor on the whole month 21 P the candidata which h edondo B dilional information Equipment: The $48000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2 2018 For information related to this moving equipment See page in the Solid Footing bookil 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, 2019 The new equipment was placed into service on July 2019 and should be depreciated For the month of July The estimated useful life of the new equipment is 5 yearsia At the end of 5 years, the new equipment will have no future value and will be serapped The new equipment will be depreciated using the straight-line method Supplies At the end of July there are $21,800.00 supplies on hand. Moving Servici at the Universi The monthly mowing service was provided to the university per the contract signed on Apol: 2013 For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. Vages the Emplogees The last wage payment was made to the employees on July 28.2019 The employees worked on July 28, 30 and 31. For these three days of work the employees earned $2.150,00 of wages. These three days of wages will be paid to the workers during the first week of Augusti HOTELLIT Bank Loan: The interest on the loan itom Bank will be paid everythree months. The first interest payment to the bank will be made on September 30, 2019 Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $575.00 Observe on the screen that Lenny's has a $48.000 balance in its Equipment account. This equipment was purchased over a year ago, on January 2, 2018, when Lenny's started in business. At that time, Lenny's estimated: D The lawn mowing equipment would last for four years (48 months). At the end of the four years, the equipment would have no future value and would be scrapped. Therefore, for each month that Lenny's uses the lawn mowing equipment, 1/48th of the equipment's service life is used up. If the balance in the Equipment account is reduced by 1/48th of its original cost each month; then by the end of four years, the balance in the Equipment account will be zero. The calculation of the monthly reduction amount is: Equipment Cost = Monthly reduction in Equipment account Months of Useful Life $48.000 Pg.70 = $1,000 per month 48 months The timeline below shows the period of service covered by the $32.000 Lenny's receive April 1. You can see from the timeline that on April 1. Lenny's owed the university services. The original $32,000 entry into the Unearned Liability account reflected Lenny liability for future services to the university. The timeline also shows the period of time and the dollar amount of services the univers due as of the end of April. As of April 30, Lenny's owes the university three months Each month of service has a value of $8,000: thus Lenny's owes the university $24,00 services as of April 30. Because the balance in the Unearned Revenue account tracks liability for future services to the university, the April 30 balance in the Unearned Revenue should be $24,000. Pg.95 >> RECEIVE ADVANCE PAYMENT TRANSACTION Unearned Revenue Timeline On April 1, Lenny's signs a contract to perform lawn services for a new customer. The new customer is a university in the Tampa area. The contract Lenny's signs with the university stipulates that Lenny's will be paid an $8,000 monthly fee for the lawn services. As part of the contract agreement, the university agrees to pay the first four months of services in advance; thus Lenny's receives $32,000 cash from the university on April 1. $32,000 ---- May 31 -------- July 31 April 1 April 30 June 30 Pg.98 $24,000 Account Account Name Debit Credit Enter an by typing DO NOT 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 A ccumulatad Depreciation 200A xunts Payable 205 Wages Payable 210 Interast Payable 215 Unearned Revenue 220 Diviitanik: Payable 250 Note Payable 300 Common Stock 205 Ratainad Earnings 400 Sorvice Ravenu 500 Supplies Expense 505 Mower Repair Cxpense h10W ages Expense Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Totals 0.00 Account Account Name Debit Credit CAUTION Enter amounts to the Pust- csiny by typing in the amounts Note the flowing three new Lenys Larco Shot labels haringan 105 Accounts Rovable Spes Equipment Accum. led Depecialun DO NOT COPYce tromme General Les loisirs Asra alor toere TH + AE LIATE. Come Toten Assets in Telur Mount Deprecat Papery & EMIL Total Asses 2. M an be teprocking Line & Stuck Fury MSN 12 Imith. It can of haarsed on this Tescribes the new Wapense chales y The' Total Labs & Stockholm Equity Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev Directions Trans Chart Accts Journal GL Assets GL Lisb-Equity GL Rev
