AutoSave Ooff . Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me July 2023 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As an example of how to journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger.) July 1 Receive $63,300.00 cash from new investors, and issue $63,300.00 of Common Stock to them. July 1 Purchase $68,100.00 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 $4,525.00 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 $32,000.00 The Date of Record is set as July 15 . The Date of Payment is set as July 31. July 7 Pay the employees $5,650.00 for work performed during the 1 st week of July. July 10 Complete a mowing job for a new customer - customer pays $6,800.00 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 $6,500.00 for work performed during the 2nd week of July. July 15 Purchase $2,825.00 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 $4,525.00 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 2022 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $740.00. Lenny's will pay the mower dealer in 30 days. t: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2022. For information related to this mowing equipment see Page 70 in the Solid Footing file CHAPTER 07 a - Intro to Adjusting Entries.pdf. 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 1,2023 : The new equipment was placed into service on July 1, 2023 and should be depreciated for the month of July. The estimated useful life of the new equipment is 5 years. AutoSave Ooff Q Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me AutoSave Ooff . Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me July 2023 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As an example of how to journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger.) July 1 Receive $63,300.00 cash from new investors, and issue $63,300.00 of Common Stock to them. July 1 Purchase $68,100.00 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 $4,525.00 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 $32,000.00 The Date of Record is set as July 15 . The Date of Payment is set as July 31. July 7 Pay the employees $5,650.00 for work performed during the 1 st week of July. July 10 Complete a mowing job for a new customer - customer pays $6,800.00 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 $6,500.00 for work performed during the 2nd week of July. July 15 Purchase $2,825.00 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 $4,525.00 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 2022 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $740.00. Lenny's will pay the mower dealer in 30 days. t: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2022. For information related to this mowing equipment see Page 70 in the Solid Footing file CHAPTER 07 a - Intro to Adjusting Entries.pdf. 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 1,2023 : The new equipment was placed into service on July 1, 2023 and should be depreciated for the month of July. The estimated useful life of the new equipment is 5 years. AutoSave Ooff Q Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me