Accounting Basics: Impact of Business Transactions on B/S & I/S

& Basic Accounting Cycle Entries (NEED TO HAVE ALL OF THE COMPONENTS ANSWERED)- WHAT IS MISSING?

Donovans Lawn Care Service began operations in June and engaged in the following transactions during July:

July 1	Shareholders contributed $9,000 cash in exchange for common stock..
July 4	Purchased office supplies on account for $100.
July 5	Purchased additional mowing equipment for $3,000. Paid $1,000 in cash and signed a 60-day Note Payable for the remaining balance.
July 9	Paid $250 for gasoline. All the fuel will be used this month to provide lawn care services.
July 15	Billed Lost Creek Cemetery $300 for mowing services performed in July. The entire amount is due August 15th.
July 15	Paid $200 in salaries earned by employees during July.
July 24	Billed Golf Creek Condos for $600 mowing services performed in July. The entire amount is due August 30th.
July25	Collected $100 from StoreFront Offices for mowing services performed and billed in June.
July 30	Collected $250 in cash from KidsRUs after mowing their lawn today.
July 30	Earned $2 in interest from business bank account during July. The money was deposited directly into Donovans bank account by the bank.
July 30	Received a $125 bill from Rys Automotive for sharpening the mower blades. The entire amount is due August 15th.
July 30	Recorded $100 depreciation expense on mowing equipment
July 30	Declared and paid a $50 dividend.

Required:

1. Analyze the effects that each of these transactions will have on the following six components of the companys financial statements for the month of July. Organize your answer in tabular form using the column headings shown below.

Income Statement Balance Sheet

Date	Revenues -	Expenses =	NI	Assets =	Liabilities +	O/Equity
7/1

2. Prepare journal entries in the general journal for each transaction.

3. Post entries to the general ledger.

4. Prepare a trial balance.

General Journal

Date	Account Titles	Debit	Credit

General Ledger