Chapter 8 Additional Problems Requirements Observe that for the other April 2019 transactions the required entries have been made in the General Journal Problem 3-5 Lenny's April Accounting Period This problem repeats Lenny's month of April from Chapter 8 Print the forms on the following pages and use them to complete this problem Requirement 4 Post the transaction entries from the General Journal to the General Ledger accounts Requirement 1 Put the April Beginning Balances into all of the General Ledger accounts Utilize the account Ending Balances from the "March" tab in the 3-Lenny's Lawn Service workbook as the source for the April Beginning Balances Note that the "March" tab shows the General Ledger accounts before closing the revenue and expense accounts--the revenue and expense accounts are closed before starting the month of April Requirement 5 Based on the following information record the April 2019 depreciation adjusting entry in the General Journal and post the adjusting entry to the General Ledger accounts The $48,000 of mowing equipment was purchased on January 2, 2018 The estimated useful life of the equipment is four years. It is estimated that the equipment will have no value at the end of four years and will be scrapped Lenny's uses the straight-line depreciation method Requirement 2 For the following transactions make the required entries in the General Journal Apr 01 Received a $32,000 advance payment from a local university The payment is for lawn mowing services to be provided for a four month period beginning April 1. 2019. The price of the service to the university is $8.000 per month Apr 03 Paid the $1.825 of wages owed to the workers for the last two days of March DELL Except for Retained Earnings, compute an ending balance for each General Ledger account. For Retained Earnings, place the current balance in the account Problem 8-5 Lenny's April Accounting Period (continued) Requirements On April 30, Lenny's determines that there are $7,600 of supplies still on hand Determine the required adjusting entry that needs to be made to the Supplies account by completing the Supplies 'T Account Analysis form Based on your 'T Account Analysis, record the April supplies adjusting entry in the General Journal and post the adjusting entry to the General Ledger accounts Requirement 9 Using the data in the General Ledger accounts prepare Lenny's Income Statement for the period April 1 to April 30, 2019 Requirement 10 Using the data in the General Ledger accounts and any other data you need to develop, prepare Lenny's Balance Sheet as of April 30, 2019 Requirement 7 Use the information given in Requirement 2 concerning the April 1 $32,000 advance payment from a local university to complete this requirement Prepare and record the April 30 adjusting entry for Uneared Revenue as follows: Requirement 11 Place a star next to each line item on Lenny's Income Statement and Balance Sheet that would not have been correct if the April month-end Uneamed Revenue adjusting entry had not been made Requirement 12 Compare your solutions for Requirements 1, 2 and 4 to 11 to the April tab in the 3-Lenny's Lawn Service workbook, Put the April 1 and April 30 dollar amounts in the Timeline of Uneamed Revenue chart. Utilize the information from the Unearned Revenue account in the General Ledger and from the Timeline of Unearned Revenue chart to complete the Unearned Revenue "T" Account Analysis form Based on your "T" Account Analysis, record the April 30 Unearned Revenue adjusting entry in the General Journal and post the adjusting entry to the General Ledger accounts Requirements DELL Problem 8-5 Forms A dan he 50 PAT ce 30 Wages Apr Apr TO CHE VIEW Problem 8-5 Forms (continued) Lan's Law Service, Inc. Balance Sheet of April, 2010 Les are Income for the of A2010 Asses Cash Accounts Receivable Supplies Service Total Assess Expo Ses Expense TRE Wages Expense Depreciate Topen $ Way Undeve Total News Commons Red Earings Toalety Totes and us DOLL on Problem des Protected - Word Us you need to editi Assets ed) Liabilities Owners' Equity Common C D Or General Ledger Beyonce Apr Ae Apr 04 20 Bege Apr Endal Beg Bee Ending a Ending Und O Begge De Bain Apr Arso Ending Cure Account Apv 20 Ending Teg Bence A Apr Erding ta Pupplies Are Ending Apr 30 Ending the Beg tegen Ethel Wages Apr 2.NP De Chapter 8 Additional Problems Requirements Observe that for the other April 2019 transactions the required entries have been made in the General Journal Problem 3-5 Lenny's April Accounting Period This problem repeats Lenny's month of April from Chapter 8 Print the forms on the following pages and use them to complete this problem Requirement 4 Post the transaction entries from the General Journal to the General Ledger accounts Requirement 1 Put the April Beginning Balances into all of the General Ledger accounts Utilize the account Ending Balances from the "March" tab in the 3-Lenny's Lawn Service workbook as the source for the April Beginning Balances Note that the "March" tab shows the General Ledger accounts before closing the revenue and expense accounts--the revenue and expense accounts are closed before starting the month of April Requirement 5 Based on the following information record the April 2019 depreciation adjusting entry in the General Journal and post the adjusting entry to the General Ledger accounts The $48,000 of mowing equipment was purchased on January 2, 2018 The estimated useful life of the equipment is four years. It is estimated that the equipment will have no value at the end of four years and will be scrapped Lenny's uses the straight-line depreciation method Requirement 2 For the following transactions make the required entries in the General Journal Apr 01 Received a $32,000 advance payment from a local university The payment is for lawn mowing services to be provided for a four month period beginning April 1. 2019. The price of the service to the university is $8.000 per month Apr 03 Paid the $1.825 of wages owed to the workers for the last two days of March DELL Except for Retained Earnings, compute an ending balance for each General Ledger account. For Retained Earnings, place the current balance in the account Problem 8-5 Lenny's April Accounting Period (continued) Requirements On April 30, Lenny's determines that there are $7,600 of supplies still on hand Determine the required adjusting entry that needs to be made to the Supplies account by completing the Supplies 'T Account Analysis form Based on your 'T Account Analysis, record the April supplies adjusting entry in the General Journal and post the adjusting entry to the General Ledger accounts Requirement 9 Using the data in the General Ledger accounts prepare Lenny's Income Statement for the period April 1 to April 30, 2019 Requirement 10 Using the data in the General Ledger accounts and any other data you need to develop, prepare Lenny's Balance Sheet as of April 30, 2019 Requirement 7 Use the information given in Requirement 2 concerning the April 1 $32,000 advance payment from a local university to complete this requirement Prepare and record the April 30 adjusting entry for Uneared Revenue as follows: Requirement 11 Place a star next to each line item on Lenny's Income Statement and Balance Sheet that would not have been correct if the April month-end Uneamed Revenue adjusting entry had not been made Requirement 12 Compare your solutions for Requirements 1, 2 and 4 to 11 to the April tab in the 3-Lenny's Lawn Service workbook, Put the April 1 and April 30 dollar amounts in the Timeline of Uneamed Revenue chart. Utilize the information from the Unearned Revenue account in the General Ledger and from the Timeline of Unearned Revenue chart to complete the Unearned Revenue "T" Account Analysis form Based on your "T" Account Analysis, record the April 30 Unearned Revenue adjusting entry in the General Journal and post the adjusting entry to the General Ledger accounts Requirements DELL Problem 8-5 Forms A dan he 50 PAT ce 30 Wages Apr Apr TO CHE VIEW Problem 8-5 Forms (continued) Lan's Law Service, Inc. Balance Sheet of April, 2010 Les are Income for the of A2010 Asses Cash Accounts Receivable Supplies Service Total Assess Expo Ses Expense TRE Wages Expense Depreciate Topen $ Way Undeve Total News Commons Red Earings Toalety Totes and us DOLL on Problem des Protected - Word Us you need to editi Assets ed) Liabilities Owners' Equity Common C D Or General Ledger Beyonce Apr Ae Apr 04 20 Bege Apr Endal Beg Bee Ending a Ending Und O Begge De Bain Apr Arso Ending Cure Account Apv 20 Ending Teg Bence A Apr Erding ta Pupplies Are Ending Apr 30 Ending the Beg tegen Ethel Wages Apr 2.NP De
