CREATE GENERAL JOURNAL Four Seasons, Inc. $-$ Transactions, Events, and Other Information

Consider the following to prepare journal entries$/$adjusting journal entries, as appropriate.

On Feb. $1,2023$ the company issued $1$ million shares of common stock for cash.

The per share par value of the stock is

On Feb. $1,2023$ the company purchased the following:

Three trucks $($each with an estimated life of $8$ years$)$

$$,255,000$

Each truck was equipped with a snow plow

Ten lawn mowers $($each with an estimated life of $5$ years$)$

$\%$ paid in cash $($upfront$)$

$\%$ on account

On Feb. $1,2023$ they signed a two$-$year lease for garage space and an attached small

office. Any unpaid rent is to be settled with the landlord every six months.

Annual amount of the rent

Amount paid to the landlord on Feb. $1,2023$

On Feb. $1,2023,$ the following items were purchased on account for a grand total of: $$85,000$

Fuel, blowers, trimmers, $($both expected to last $9-12$ months$),$ fuel containers, spare

parts for the lawn mowers, rags, as well as work gloves and t$-$shirts for the labor

force.

On Apr. $1,2023,$ the company purchased an insurance policy for cash.

$$,80,000$

The policy protects the company from potential damages to their clients'

properties, and holds their clients harmless from accidents on their properties.

The policy will expire in this many months after April $1,2023.$

$20$

On Apr. $1,2023,$ in exchange for cash, the company signed a $3-$year note due to its bank

Amount of the Note

Interest rate $($paid annually$)$

$$,225,000$

$9\%$

During its first six months, the company performed landscaping services for customers

with a total invoice value of:

$1,175,000$

$65\%$

$35\%$

$\%$ of invoice value where the customer paid immediately

$\%$ of invoice value where the customer will pay Four Seasons at a later date

During its first six months, the company incurred the following cash expenses:

Wages expense

Advertising expense

$125,000$

On Aug. $1,2023,$ the company paid its landlord the amount due.

During August, the company paid all amounts due to its suppliers as of Aug. $1.,2023,$ and

also collected all the cash owed from its customers as of Aug. $1,2023.$

CREAT