Are the values for July 31st correct?

Page # 1 Posted Debit Credit 2021 Account Account Name Month-Day Number 7-1 Cash 250 Notes Payable Borrowed on Note Payable 100 35,000.00 X X 35,000.00 7-1 65,700.00 100 300 Cash Common Stock Issued Common Stock 65,700.00 7-1 43,800.00 150 100 Equipment Cash Purchase Equipment for Cash 43,800.00 7-1 500.00 515 100 Truck Rental Expense Cash Pay Cash for July Truck Rental X X 500.00 4,725.00 7-3 105 400 X X Accounts Receivable Service Revenue Invoice Customer for Complete Mowing 4,725.00 X 7-5 25,000.00 Retained Earnings 305 Board of Directors Declare Cash Dividen 7-7 510 100 Wages Expense Cash Paid Wages for the First Week 5,800.00 XX 5,800.00 7-10 100 400 Cash Service Revenue Customer Pays Cash for Job xx 4,200.00 4,200.00 7-12 100 105 Cash Accounts Receivable 3,500.00 3,500.00 Posted Debit Credit 2021 Account Account Name Month-Day Number 7-14 510 Wages Expense 100 Cash Paid Wages for the Second Week 7,000.00 7,000.00 7-15 500 200 Supplies Expense Accounts Payable X X 1,020.00 1,020.00 7-15 Cash Accounts Receivable 4,705.00 xx 4,705.00 7-17 505 200 420.00 Mower Repair Expense Accounts Payable Repair Mower on Account X X 420.00 7-19 X 110 100 27750.00 Supplies Cash Purchase Supplies for Cash 22,750.00 7-20 30,000.00 100 105 Cash Accounts Receivable XX 30,000.00 7-21 510 100 Wages Expense Cash Paid Wages for the Third Week 7,100.00 X X 7,100.00 7-23 100 215 Cash Unearned Revenue Received Cash for Advance Payment xx 21,500.00 21,500.00 7-25 100 105 400 Cash Accounts Receivable Service Revenue X X X 500.00 4,700.00 5,200.00 Lenny's Lawn Service, Inc. General Journal Page # 3 Posted Debit Credit 2021 Month-Day 7-27 Account Account Name Number 100 Cash 400 Service Revenue 3,900.00 X X 3,900.00 17.27 2nn Accounts Payable 1,020.00 DELITE FIGU Month-Day Number 7-27 100 400 Cash Service Revenue 3,900.00 3,900.00 7-27 200 100 Accounts Payable Cash 1,020.00 1,020.00 7-28 510 100 Wages Expense Cash Paid Wages for the Fourth Week X X 6,100.00 6,100.00 7-31 105 400 20,000.00 Accounts Receivable Service Revenue X X 20,000.00 7-31 25,000.00 220 100 Dividends Payable Cash Pay Cash for Dividend X X 25,000.00 7-31 1,530.00 520 155 Depreciation Expense Accumulated Depreciation Equipment Depreciation for July 11.530.00 7-31 2,420.00 Supplies Expense Supplies XX 2,420.00 Additional Information Equipment: The $48,000.00 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 see Page 70 in the Solid Footing text (PDF 07 - Intro to Adjusting 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 depreciated using the straight-line method. Supplies: At the end of July there are $24,150.00 supplies on-hand Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2021 For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing text (PDF 08 - Adjusting Entries Continued) Wages Due the Employees: 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 $3,375 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, 2021 Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $915.00 Fm Trial Ral IS RASI Page # 1 Posted Debit Credit 2021 Account Account Name Month-Day Number 7-1 Cash 250 Notes Payable Borrowed on Note Payable 100 35,000.00 X X 35,000.00 7-1 65,700.00 100 300 Cash Common Stock Issued Common Stock 65,700.00 7-1 43,800.00 150 100 Equipment Cash Purchase Equipment for Cash 43,800.00 7-1 500.00 515 100 Truck Rental Expense Cash Pay Cash for July Truck Rental X X 500.00 4,725.00 7-3 105 400 X X Accounts Receivable Service Revenue Invoice Customer for Complete Mowing 4,725.00 X 7-5 25,000.00 Retained Earnings 305 Board of Directors Declare Cash Dividen 7-7 510 100 Wages Expense Cash Paid Wages for the First Week 5,800.00 XX 5,800.00 7-10 100 400 Cash Service Revenue Customer Pays Cash for Job xx 4,200.00 4,200.00 7-12 100 105 Cash Accounts Receivable 3,500.00 3,500.00 Posted Debit Credit 2021 Account Account Name Month-Day Number 7-14 510 Wages Expense 100 Cash Paid Wages for the Second Week 7,000.00 7,000.00 7-15 500 200 Supplies Expense Accounts Payable X X 1,020.00 1,020.00 7-15 Cash Accounts Receivable 4,705.00 xx 4,705.00 7-17 505 200 420.00 Mower Repair Expense Accounts Payable Repair Mower on Account X X 420.00 7-19 X 110 100 27750.00 Supplies Cash Purchase Supplies for Cash 22,750.00 7-20 30,000.00 100 105 Cash Accounts Receivable XX 30,000.00 7-21 510 100 Wages Expense Cash Paid Wages for the Third Week 7,100.00 X X 7,100.00 7-23 100 215 Cash Unearned Revenue Received Cash for Advance Payment xx 21,500.00 21,500.00 7-25 100 105 400 Cash Accounts Receivable Service Revenue X X X 500.00 4,700.00 5,200.00 Lenny's Lawn Service, Inc. General Journal Page # 3 Posted Debit Credit 2021 Month-Day 7-27 Account Account Name Number 100 Cash 400 Service Revenue 3,900.00 X X 3,900.00 17.27 2nn Accounts Payable 1,020.00 DELITE FIGU Month-Day Number 7-27 100 400 Cash Service Revenue 3,900.00 3,900.00 7-27 200 100 Accounts Payable Cash 1,020.00 1,020.00 7-28 510 100 Wages Expense Cash Paid Wages for the Fourth Week X X 6,100.00 6,100.00 7-31 105 400 20,000.00 Accounts Receivable Service Revenue X X 20,000.00 7-31 25,000.00 220 100 Dividends Payable Cash Pay Cash for Dividend X X 25,000.00 7-31 1,530.00 520 155 Depreciation Expense Accumulated Depreciation Equipment Depreciation for July 11.530.00 7-31 2,420.00 Supplies Expense Supplies XX 2,420.00 Additional Information Equipment: The $48,000.00 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 see Page 70 in the Solid Footing text (PDF 07 - Intro to Adjusting 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 depreciated using the straight-line method. Supplies: At the end of July there are $24,150.00 supplies on-hand Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2021 For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing text (PDF 08 - Adjusting Entries Continued) Wages Due the Employees: 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 $3,375 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, 2021 Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $915.00 Fm Trial Ral IS RASI