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Can you help me on my homework? Can you do the General Journal for this transactions? acs July 1- Borrow $35,000.00 from 1st Bank by
Can you help me on my homework? Can you do the General Journal for this transactions?
acs July 1- Borrow $35,000.00 from 1st Bank by signing a 24 month note with a 4% annual interest rate. July 1- Receive $58,000.00 cash from new investors, and issue $58,000.00 of Common Stock to them. July 1- Purchase $87,000.00 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 $900.00 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 $11,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7- Pay the employees $6,000.00 for work performed during the 1st week of July. July 10- Complete a mowing job for a new customer -- customer pays $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, 2011. July 14- Pay the employees $4,800.00 for work performed during the 2nd week of July. July 15- Purchase $50.00 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 $900.00 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 2010 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $460.00. Lenny's will pay the mower dealer in 30 days. July 19- Purchase for cash $17,000.00 of supplies. These supplies 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 $5,750.00 for work performed during the 3rd week of July. July 23- Receive a $48,000.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2011 to January 31, 2012. July 25- Complete a special mowing job for the golf course. The total price for the mowing job is $3,500.00. The golf course pays $1,000.00 cash on this date and will pay the remainder on August 25. July 27- Complete a mowing job for a new customer -- customer pays $225.00 cash for the job. July 27- Pay $50.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28- Pay the employees $6,300.00 for work performed during the 4th week of July. July 31- Invoice the property management company $33,000.00 for March 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 $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2010. This equipment continues to be used and should be depreciated for the month of March. The following information relates to the new equipment which was purchased on July 1, 2011: -The new equipment was placed into service on July 1, 2011 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 $15,350.00 supplies on-hand. Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on August 1, 2011. Wages Due the employees: The last wage payment was made to the employees on July 28, 2011. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $2,900.00 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, 2011. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $115.00Step by Step Solution
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