ACCT101 T Accounting Cycle Assignment
	Instructions
1	Review the transactions described below.
2	Record the transactions in the General journal using debits and credits , account titles dates, and a transaction description
3	Post the journal entries to the appropriate T accounts of the general ledger and calculate the account balances
4	Prepare a trial balance in proper format
	Perfect Lawn Service
Date	Transaction Description
1-Jul	Received contributions of $15,000 each from two owners in exchange for capital stock.
2-Jul	Purchased lawn mowing equipment for $24,000 cash.
5-Jul	Signed a note and borrowed $5,000 from PNC Bank.
7-Jul	Paid $1,200 for advertising for the current month
15-Jul	Billed customers for services rendered for the first half of the month $7,500.
15-Jul	Paid payroll for the first two week pay period $2,400
28-Jul	Received an invoice for gas used during the month, did not pay yet. $450
29-Jul	Paid payroll for the next two week pay period $2,600
30-Jul	Collected $6,800 from customers billed on 7/15
31-Jul	Billed customers for services rendered for the second half of the month $8,000
31-Jul	Recorded monthly depreciation on lawn mowing equipment (no salvage value - 60 month life)