Alignment Number Styles Cells into the General Journal and posted to the General Ledger) July 1 Receive $75,250.00 cash from new investors, and issue $75,250.00 of Common Stock to them. July 1 Purchase $41,400.00 of new 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 $2,125.00 for a completed mowing job - customer will pay in 10 days. July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $22,500.00 The Date of Record is set as July 15. The Date of Payment is set as July 31 July 7 Pay the employees $6.000.00 for work performed during the 1st week of July July 10 Complete a mowing job for a new customer -- customer pays $6,500.00 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 employees $7.500 00 for work performed during the 2nd week of July July 15 Purchase 51,180.00 of supplies from the mower dealer. The supplies are consumed immediately Lenny's will pay the mower dealer for the supplies in about 2 weeks. July 15 Collect $2.125.00 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 2018 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $720.00 Lenny's will pay the mower dealer in 30 days July 19 Purchase for cash $21.000 00 of supplies. These supplies will be consumed over the next 12 months Trans Cha ACT Boumal REBRIS & SE DEO Alignment Number Styles Cells July 20 Collect $30,000.00 from the property management company for work performed in June. July 21 Pay the employees $6,850.00 for work performed during the 3rd week of July July 23 Receive a $25,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2019 to January 31, 2020 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $3,900.00 The golf course pays $500.00 cash on this date and will pay the remainder on August 25. July 27 Complete a mowing job for a new customer customer pays $3,800.00 cash for the job. July 27 Pay $1,180.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $5,300.00 for work performed during the 4th week of July July 31 Invoice the property management company $15.050.00 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 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 2018 For information related to this mowing equipment see Page 70 in the Solid Footing book 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 Chalouma T Trans Additional Information Equipment: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2018. For information related to this mowing equipment see Page 70 in the Solid Footing book. 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 1, 2019 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 depreciated using the straight-line method. Supplies: At the end of July there are $21,700.00 supplies on-hand. Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2019. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. Wages Due the Employees: The last wage payment was made to the employees on July 28, 2019. The employees worked on July 29, 30 and 31. For these three days of work the employees earned $2,275.00 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 paid every three 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 $695 00 Chart Act Drection Trans Jouma GLASE ROYED Bash Pos TrBalIS SEquity Lenny's Lawn Service, Inc. - General Journal Page # 1 Account Name Posted Debit Credit 2019 Account Month-Day Number 100 250 7-1 Cash Notes Payable Borrowed on Note Payable X X 35,000.00 35,000.00 Tournal Lenny's Lawn Service, Inc. - General Ledger Enter an by typing Account # 100 Cash Do NOT General accounts Journal Page Debit Credit Balance 2019 Month-Day 7-1 7-1 Beginning Balance 38,250.00 35,000.00 38,250.00 DI 73,250.00 DI Close trans DECO Chart Acts Joum Bals GL Assets SL REVEND Tria BalIS & SEquity Lenny's Lawn Service, Inc. - General Ledger Account # 200 Accounts Payable Journal Page # Debit Credit 2019 Month-Day 7-1 Beginning Balance Balance 0.00 0.00 C Account # 205 Wages Payable Journal Page # Debit Credit 2019 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 CE Account # 210 Interest Payable Close 2019 Directions TransChart Acct Journal Debit Credit Home GL Liab (guity GL RA Balance Tralal IS & SE Account # 210 Interest Payable Journal Page # Debit Credit 2019 Month-Day 7-1 Beginning Balance Balance 0.00 0.00 C Account # 215 Unearned Revenue Journal Page # Debit Credit 2019 Month-Day 7-1 Balance Beginning Balance 8,000.00 8,000.00 Account # 220 Dividends Payable Journal Page 1 Debit Credit 2019 Month-Day 7.1 Balance Beginning Balance 0.00 0.00 CM Close Account # 250 Note Payable Journal Page # Debit Credit Balance 2019 Month-Day 7-1 Beginning Balance 7-1 0.00 35,000.00 0.00 CI 35,000.00 C Account # 300 Common Stock 2019 Month-Day 7-1 Journal Page # Debit Balance Beginning Balance Credit 50,000.00 50,000.00 C Account # 305 Retained Earnings Journal Page Debit Credit 2019 Month-Day 7-1 Beginning Balance Balance 48,125.00 48,125.00 CM Direction Trans Chan Act Journal GLASA GL Liab-Equity GROVE Trial Bar IS & SEQUI Lenny's Lawn Service, Inc. - General Ledger Account # 400 Service Revenue Journal Page # Debit Credit Balance 2019 Month-Day Beginning Balance 7-1 0.00 0.00 CI Account # 500 Supplies Expense 2019 Month-Day Journal Page Debit Credit Balance Joumal AS Tral Bal SR SEM actions and ADEO GL Rev-Exp Account # 505 Mower Repair Expense Journal Page # Debit 2019 Month-Day 7-1 Credit Balance Beginning Balance 0.00 0.00 DI Account # 510 Wages Expense Journal Page # Debit Credit 2019 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 DI Account # 515 Truck Rental Expense Tournal > GL Rev.Exp IS & SEO Account # 515 Truck Rental Expense Journal Page # Debit Credit Balance 2019 Month-Day 7-1 Beginning Balance 0.00 0.00 D Account # 520 Depreciation Expense Journal Page # Debit Credit 2019 Month-Day 7-1 Beginning Balance Balance 0.00 0.00 Dr Account # 550 Interest Expense Debit Journal Page # Credit Balance 2019 Month-Day 7-1 Beginning Balance 0.00 0.00 DI GLEFly GL Assets Journal GL Rev-Exp Trial Bal IS Directions Trans Chart Acets Lenny's - July 31, 2019 Pre-Closing Trial Balance Account # Account Name Debit Credit 210 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable Interest Payable 215 Unearned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Earnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense 1 >> Directions Trans Chart ACCES Journal GL Assets Gab Equity GL Rey ove Lenny's Lawn Service, Inc. Income Statement for the Month Ended July 31, 2019 CAUTION Enter amounts into the Financial Statements by typing in the amounts Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance Service Revenue Operating Expenses Supplies Mower Repair Wages Truck Rental Depreciation Total Operating Expenses Income from Operations Interest Expense Net Income Note the new line item on Lenny's Income Statement Income from Operations. This is Lenny's income from the normal operations of the lawn mowing business Interest Expense, which is not a cost of operating the business but rather a cost of financing the business, is shown below Income from Operations. Interest Expense is subtracted from Income from Operations to arrive at Net Income 0.00 0.00 5. SD 00 the... aly 22, Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2019 This is the first time you have prepared a formal Statement of Stockholders' Equity for Lenny's. This statement shows what caused the change in Common Stock and in Retained Eamings from July 1. 2019 to July 31, 2019. Note that the Retained Earn column on the statement looks different than the calculation you have been doing each month to determine the Retained Earnings amount needed for the Balance Shoot Beginning Balance is th starting amount in previous Retained Earnings calculations you used Current Balance as the starting amount Beginning Balance is the starting point for this calculation because Dividends is show and the DARE IS & SEquity Common STOCK Retained Estning Total 50.00 Beginning Balance July 1 2019 am 4 Net Income $0.00 Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2019 This is the first time you have prepared Stockholders' Equity for Lenny's. This caused the change in Common Stock a from July 1, 2019 to July 31, 2019. Note column on the statement looks different have been doing each month to determin amount needed for the Balance Sheet starting amount in previous Retained E used Current Balance as the starting amo is the starting point for this calculation, be as a line item (a deduction) in the Retain Common Stock Retained Earnings Beginning Balance July 1, 2019 Issue Common Stock Net Income Dividends Ending Balance July 31, 2019 Total $0.00 0.00 0.00 0.00 $0.00 The Ending Balance in the Retained Earr needed for the Balance Sheet. 50.00 50.00 Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2019 Assets Current Assets: Cash Accounts Receivable Supplies Total Current Assets 0.00 Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net Total Assets 0.00 $0.00 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Total Current Liabilities Long-Term Liabilities: Note Payable Total Liabilities rections TEENS 0.00 Close 0.00 ou Accumulated Depreciation Property & Equipment, net Total Assets 0.00 $0.00 0.00 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Total Current Liabilities Long-Term Liabilities: Note Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0.00 0.00 $0.00 Lenny's - July 31, 2019 Post-Closing Trial Balance Debit Credit Account # Account Name 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 210 Interest Payable 215 Unearned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Earnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Directions TransChart Act Journal Z GL Assets cura5-Equity Cells Select Editing ve Steps 1 and 2 in the Accounting Cycle Record the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Joumal Look at the July 1 Notes Payable transaction, which has already been entered, for an example of how to make your entries Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. To make posting from the General Journal to the General Ledger easier, it is recommended that you print the General Joumal -- click the Journal tab and then click the Printer Icon Post the entries from the printed General Journal to the General Ledger accounts. Click the GL Assets, GL Liab Equity, and GL Rev.Exp tabs to find the accounts to be posted. Record your postings directly into the General Ledger. As you post an amount to an account be sure to enter the General Journal Page Winto the Journal Page #column. See the first posting to the Cash account for an example. After you post an amount to a General Ledger account, then hand write an "X" in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted Step 1 For each business transaction that occurs during the accounting period determine the effect of the transaction on the General Ledger accounts Step 2 Make an entry in the General Joumal for each transaction and poste entry to the General Ledger account Enter the "X"s, which you hand wrote on your General Journal pages, into the General Journal. Click the Journal tab and enter the "X's in the Posted column Pg2 Determine the required adjusting entries as of July 31, 2019. The information needed for Stop in the Accounting Cycle the adjusting entries is on the page titled "Additional Information This is the second page that printed when you printed the Trans tab. Click the Journal tab and record your Al the end of the accounting adjusting entries in the General Journal Use the printed Chart of Accounts as a period before near the reference source for the Account Numbers and Account Names that are available in financial statements determine Lenny's accounting system. Put your adjusting entries on Page 14 of the General Journal count balance need to Directions GRONDPOOD se Styles a Clear Cells F Editing Step 3 in the Accounting Cycle Determine the required adjusting entries as of July 31, 2019. The information needed for the adjusting entries is on the page titled "Additional Information". This is the second page that printed when you printed the Trans tab. Click the Journal tab and record your adjusting entries in the General Journal. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system Put your adjusting entries on Page 4 of the General Journal. Post the adjusting entries from the General Journal to the General Ledger accounts Click the GL Assets, GL Liab-Equity, and GL Rev.Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page into the Journal Page #column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. Print Lenny's General Ledger by clicking the GL Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the GL Rev-Exp tab and then clicking the Printer icon > Using the printed General Ledger, enter the ending account balances into the July 31, 2019 Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the July 31, 2019 Pre-Closing Trial Balance by clicking the Printer icon At the end of the accounting period, before preparing the financial statements, determine any of the General Ledger account balances need to be adjusted Enter any required adjusting entries into the General Journal and post be adjusting entries to the Central Ledger accounts Step 4 in the Accounting Cycle Prepare a Pre-Closing fra Balance to determine that the accounts in the General Ledger are in balance Using the printed July 31, 2019 Pre-Closing Tral Balance, prepare the July 2019 Income Statement. Click the IS & RE tabs and enter the amounts into the income Statement Step 5 in the Accounting Cycle Prepare an income Statement from the ending balances in the General Ledger revenue and Using the printed General Ledger and the Net Income amount prepare the July 2019 Directions Step 6 in the Accounting Cycle Calculate the ending balance Editing - Using the printed General Ledger and the Net Income amount, prepare the July 2019 Statement of Stockholders' Equity. Click the IS & RE tab and enter the amounts into the Statement of Stockholders' Equity Step 6 in the Accounting Cycle Calculate the ending balance of the Retained Earnings account that is needed for the preparation of the Balance Sheet > Using the printed July 31, 2019 Pre-Closing Trial Balance and the Retained Earnings amount from the Statement of Stockholders' Equity, prepare the July 31, 2019 Balance Sheet Click the BalSht tab and enter the amounts into the Balance Sheet Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the General Ledger asset accounts liability accounts, Common Stock account, and the calculated ending balance for the Retained Eaming account Prepare the closing entries. Click the Journal tab and enter the closing entries into the General Journal. Place your closing entries on Page #5 of the General Journal Post the closing entries from the General Journal to the General Ledger accounts Click the GL LiabEquity, and GL Rev.Exp tabs to find the accounts to be posted As you post an amount to an account be sure to enter the General Joumal Page # into the Journal Page #column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal Step 8 in the Accounting Cycle Prepare and enter the revenue ad expense closing entries into the General Journal and post the closing entries to the General Ledger Click the Post Close TB tab and prepare the July 31, 2019 Post-Closing Trial Balance Stop 9 in the Accounting Cycle Prepare a Post Closing Trial Balance to determine that the accounts on the General Ledger are in balance and ready to the Retained Earnings account. Step 8 in the Accounting Cycle Prepare and enter the revenue and expense closing entries into the General Journal, and post the closing entries to the General Ledger accounts Step 9 in the Accounting Cycle Prepare a Post-Closing Trial Balance to determine that the accounts in the General Ledger are in balance and ready to : start a new Accounting Cycle