CA July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month nate. As an example of how to join and post attacion-striction has stood boomed into the General Journal and posted to the General water July 1 Receive $70 500.00 cash from new investors, and issue $70 500.00 of Common Stock to them. July 1 Purchase 545,000.00 of new mowing equipment, paying cash to the mower dealer July 1 Pay000 the July truck rental July 3 Involsew customer $5.295.00 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 525.00000 The Date of Record is set as July 15. The Date of Payment is set as July 31 July 7 Pay the employees $5,800.00 for work performed during the 1st week of July July 10 Complete a mowing job for a new customer - Customer pays $4,200.00 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 $7.000 DO for work performed during the 2nd week of July July 15 Purchase $1,020.00 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 Colect $5,295.00 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 2020 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $850.00. Lenny's will pay the mower dealer in 30 days July 19 Purchase for cash $22,750.00 of supplies. These supples will be consumed over the next 12 months July 20 Collect $30,000.00 from the property management company for work performed in June July 21 Pay the employees $7.100.00 for work performed during the 3rd week of July July 23 Receive a $18,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2021 to January 31, 2022 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $5.950.00 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 $3,900.00 cash for the job July 27 Pay S1 020,00 cash to the mower dealer for the supplies purchased on account on July 15 July 28 Pay the employees 38.100.00 for work performed during the 4th week of July July 31 Invoice the property management company $19,150.00 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 In GL Assets Chris GL Lab Equity July 28 Pay the employees 56.100.00 for work performed during the 4th week of July 31 Invoice the property management company 519,150.00 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 nt: The S48,00 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 At the end of July there are $23,850.00 supplies on hand ervice versity: 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 yees: 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 $3,675.00 of wages These three days of wages will be paid to the workers during the first week of August 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 $950.00 Lenny's Lawn Service, Inc. - Chart of Accounts Account Account Name 100 105 110 150 155 200 205 210 215 220 250 Assets: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Equity: Common Stock Retained Earnings Revenues: Service Revenue Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense 300 305 400 500 505 510 515 520 550 Lenny's Lawn Service, Inc General Journal Page 1 2021 Month Day 7-1 Posted Credit Account Account Name Number 100 Cash 250 Notes Payable Borrowed on Note Payable Debit 35,000.00 X X 35,000.00 Cecots GL Lb Equity Account 110 Supplies Journal Page 1 Debit Credit 2021 Month Day 7-1 Balance Beginning Balance 4,375.00 4,375.00 Dr Account # 150 Equipment 2021 Month-Day 7-1 Journal Page Credit Debit 48,000.00 Balance 48,000.00 Dr Beginning Balance Account # 155 Accumulated Depreciation Journal Page Debit Credit Balance 2021 Month Day 7-1 Beginning Balance 18,000.00 18,000.00 CE Lenny's Lawn Service, Inc - General Ledger Account #200 Accounts Payable En typ 2021 Month Day 741 Beginning Balance De Ge Journal Pages Debit Credit Balance 0.00 0.00 Account # 205 Wages Payable 2021 Month Day 7-1 Jou Page Debit Credit 0.00 Balance 0.00 Beginning Balance Account # 210 Interest Payable Journal Page 1 Debit Credit 2021 Month-Day 741 Balance Beginning Balance 0.00 0.00 C Account # 215 Unearned Revenue Journal Page 1 Debit Credit 2021 Month Day 17-1 Balance 8,000.00 8,000.00 Cr Beginning Balance Account # 220 Dividends Payable Balance Credit Journal Page 3 Debit 2021 Month-Day 7-1 Beginning Balance 0.00 Cr 0.00 GL Re-Exp. Gliah Fauty Account # 220 Dividends Payable Journal 2021 Month Day 7-1 Page Debit Balance Beginning Balance Credit 0.00 0.00 CP Account # 250 Note Payable 2021 Month-Day 7-1 7-1 Journal Page 1 Debit Beginning Balance Credit 0.00 35,000.00 Balance 0.00 C 35,000.00 Cr 1 Account # 300 Common Stock Journal Page Debit Credit 2021 Month Day 7-1 Beginning Balance Balance 50,000.00 Cr 50,000.00 Account # 305 Retained Earnings Debit Journal Page 3 Credit Balance 2021 Month-Day 7-1 Beginning Balance 48,125.00 48,125.00 Cr Lenny's Lawn Service Inc - General Ledger Account # 400 Service Revenue 2021 Mont-Day Beginning Balance Journal Page Debit Credit Balance 0.00 CE 0.00 Account # 500 Supplies Expense 2021 Month Day 7-1 Journal Page 1 Debit Credit Balance Beginning Balance 0.00 0.00 Dr Account # 505 Mower Repair Expense 2021 Month-Day 7-1 Journal Page Debit Credit Balance Beginning Balance 0.00 0.00 Dr Account # 510 Wages Expense 2021 Journal uit Palance Account # 510 Wages Expense 2021 Month Day Journal Page 1 Debit Credit Balance Beginning Balance 0.00 0.000 Account # 5 Truck Rental Expense Journal Page 1 Debit 2021 Month-Day 7-1 Credit Balance 0.001 Dr Beginning Balance 0.00 Account # 520 Depreciation Expense Journal Page Debit Credit Balance 2021 Month-Day 7-1 Beginning Balance 0.00 0.00 Dr Account # 550 Interest Expense Balance Credit Journal Page Debit 2021 Month-Day 7-1 Beginning Balance 0.00 0.00 Dr Lenny's - July 31, 2021 PreClosing Trial Balance Account # Account Name Debit Credit Enter a by typin Do NC TOO 105 110 150 155 200 205 210 215 220 250 300 305 400 500 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Common Stock Retained Earnings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 505 510 515 520 550 0.00 0.00 Lenny's Lawn Service, Inci Income Statement for the Month Ended July 31, 2021 El amounts into the Final Sustements by tye Do NOT copy cells from the General Ledger or Pie 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 incon Income from Operations. This is Ler the normal operations of the lawn mowe Interest Expense, which is not a cost business but rather a cost of financing below income from Operations. Inte from Income from Operations to arri 0.00 0.00 $0.00 Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2021 This is the firs Stockholder caused the e from July 1, column on have been amount nee starting as used Curre is the star Common Stock Retained Earnings as a line Beginning Balance July 1, 2021 Issue Common Stock Net Income Dividends Ending Balance July 31, 2021 Total $0.00 0.00 0.00 0.00 $0.00 The End needed $0.00 $0.00 09 Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2021 Entar amounts into the Banco DO NOT copy chin from the Gene Note the following three Lenny's Balance Sheet 0.00 Assets Current Assets Cash Accounts Receivable Supplies Total Current Assets Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net Total Assets Total Current Assets which will turn into cas be consumed during comparison of Total Liabilities gives some that is, its ability to p 000 $0.00 Property & Equipe Asset cost, which re accounting periods Total Current Lia liabilities that will months. In the ce current liability w mowing services 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 Cool Lenny's - July 31, 2021 Post-Closing Trial Balance Debat Credit C Enter amounts by typing in the ar Do NOT copy Account Account Name 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 2 Interest Payable 2 med Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Eamnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Totals 0.00 0.00 Clipboard E6 fi Monda hapatnam Lenny's - July 31, 2021 Post-Closing Trial Balance Debit Credit Enter amounts in by typing in the a Do NOT CODY CC Account Account Name 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 2 Interest Payable 2 ned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Eamings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Totals 0.00 0.00