Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (Aa en exampte of how to joumalize and post a thankaction - thie transaction has already been entemid) into the General Joumat and pested to the General Ledpec,) July 1 Receive $80,300,00 cash from new investors, and issue $80,300,00 of Common Stock to them. July 1 Purchase $61,800.00 of new mowing equipment, paying cash to the mower dealer. July 1 Pay $500.00 cash for the July truck rental. July 3 Involce a new customer $7,265.00 for a completed mowing job - customer will pey in 10 days. July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $30,000,00 The Date of Record is set as July 15 . The Date of Payment is set as July 31 . July 7 Pay the employees $5,900.00 for work performed during the 1 st week of July. July 10 Complete a mowing job for a new customer - custamer pays $4,250.00 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 $7,100.00 for work performed during the 2 nd week of July. July 15 Purchase $1,825.00 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 $7,265.00 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 $955.00. Lenny's will pay the mower dealer in 30 days. July 19 Purchase for cash $26,950.00 of supplies. These supplies will be consumed over the next 12 months. July 20 Collect $30,000,00 from the property management campany for work performed in June. July 21 Pay the employees $7,500.00 for work performed during the 3rd week of July. July 23 Receive a $29,775,00 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 $6,900,00. The gotf course pays $1,000.00 cash on thls date and will pay the remaindar on August 25. July 27 Complete a mowing job for a now customer - customer pays $3,725,00 cash for tha job. July 27 Complete a mowing job for a new customer - customer pays $3,725.00 cash for the job. July 27 Pay $1,825.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $6,890.00 for work performed during the 4 th week of July. July 31 Invoice the property management company $23,700.00 for July mowing work. The property managament 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, 2020. For information related to this mowing equilpment 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 or July 1, 2021 and should be depreclated for the month of July. The estimated useful life of the new oquipment 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 strajoht-line method. Supplies: At the end of July there are $27,880.00 supples on-hand Mowing Sorvice at the Univeralty: 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). Wages Due the Employees: 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 $2,495.00 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 1 st Bank will be paid every three months. The first interest payment to the bank will be made on September 30,2021 . Lenny's call's the bank on July 31 and the bank indicales that the interest on the loan for July is $870.00. Lenny's Lawn Service, Inc. - General Ledger Lenny's - July 31, 2021 Pre-Closing Trial Balance C.AUTION Enter ansounts into the Financial Statements by typing in the sm-ourits De NOI copy,cels frem the Central L edger of Pre-Closing Trat Bul ance This is the frot time you have prepared a forme glatemert of Stoekholders" Equly for tenny's. This watenent shdwe what caused the change w Cowton Stock and in Rantahed Eannes from Juy 1; 2021 1o July 31, 2021. Note that the Ratained fiarrengs column on the staterent looks difereet than the calcuyeion you is the starting poril foe this calcuidine becaty Dividense is shown: as a tine Item (a deduction) in the folaned Earneng calafn. The Eneing talance in the Retaned Eaninus coluin ie the baiarce nesded for the Baiance Sheet. Enter amoun's into the Ealance Sheet by typing her the amsunts Do NOT copy ceis from the Generat Ledger or Pro.Clowing Trial Bealance Note the folicwing three new tub-totais appearing on Lonny's Balance Sheet: Total Current Assets is a total of those assets, which will turn-into celsh duting the next 12 months or be corisumed during the next 12 months. The comparison of Total Current Asseds to Totad Current Liabiliting geves some indication af Lenny/s liquidity that is, its ability to pay its bilis in the short-term. Property \& Equipment, net is the amount of Fxed Ansel oost. Which romaine io be depreciated in future accounting periods. Total Current Liablifies is a totat of those liabilibes that will require payment in the next 12 . monthe. In the case of Urearned Revenue, this curfont dabliafy will be "pald-off by Lersy's delivering mowing services to the unversaly. Lenny's - July 31, 2021 Post-Closing Trial Balance the first posinng to the Coth account tor an example. Alter you post an amount to an General Ledger eccount, then hand write an "X" in the Pasted column of the printed General Journal. This wil help you keep track of which entries you have posted. Entor the Xth, which you hand wote on your General Journal pagos, into the General Journal. Click the Journal tab and enter the " x7 's in the Posted column . Deterrine the required adjusting entries as of July 31, 2021. The information neoded for the adjusting enfries is on the page titied "Additional Infomation". This ia the second page that printed when you printed the Trans tab Click the Journal tab and record your adjusting entries in the General Journal. Un w the printed Chart of Aecounts as a Teference wource for the Aceount Numbers and Ascount Names that are arvallable in Lenny's accounting system. Put your adjusting entries on Page 8.4 of the Ceneral journal. Post the adjusting antries from the General Journal to the General Ledger accounts. Cilek the OL Ansets, GL Lab-Equly, and GL. Reyolexp tabe to find the aceouns to be posted. As you post an amount to an account be aure to enter the Generai Journal Page # into the Journal Pape # column. Afteriyou post an amount to a Conerel Lodgor account. olick back on the Jounnal tab and enter an " x " in the Posted column of the General Journal. a Print Lenny's General Ledger by: clicking the GL Aasets tab and then clicking the Printer ican. clioking the CLL LlabEqulty tab and then cleking the Printer icon. and cacking the QL Pev-fexp tab and then clicking the Printer icon. $ Using the printed General Ledger, enter the onding account balances into the July 31,2021 Pre-ciosing Trial Balance. Cick the Trial Bal tab and enter the amounts into the Pre-Cosing Trial Ealance. Print the July 31. 2021 Pre-Closing Trial Balance by clicking the Prirser icon. i9. Using the printed July 31, 2021 Pre-Closing Trial Elaianca, prepare the July 2021 Inccme Statement Gick the is a per tab and enter the amounte inte the inccmeStatemoat. - Uising the printed General Ledger and the Net income amount, prepare the July 2021 Siafement of Stockholdem' Equity. Click the is \& ReE tab and enter the amounts into tha Staternent of Stockholders" Equity. 4. Uaing the peinted July 31, 2021 Pro-Closing Tral Balance and the Rotained Earnings arrount from the Statement of Stockholdere' Equly, prepare the Jux 31.2021 Batance Sheet. Cick the flaisit tab and enter the amounts into the Balance Shent. 43. Presare the closing entres. Clek the Journal tak and ecter the olosing entries into itho General Journal Pisce your cloeing entries on Page in 5 of the Central Journal. 4 Post the cloking entries from the General deurnal to the General Ledger ascourit. Cick the OL Uab-Finity, and OL Revil xp tabe to find the accounts to be peated. As you post an ameunt to an account be sure to enter the Ceneral Journal Pege a into the Journal Page al column. After you post an arrount to a- General Ledger account, chick back an the Jeurnal tab and erster an " x " in the Posted colutn of the Ceneral Journal. 4. Cick the Poot ciose H tab and prepare the July 31.2021 Post-Cosing Tral falance. Your project is completel Your inatrucior wall provide you wht eirections on how to submit youf project. Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (Aa en exampte of how to joumalize and post a thankaction - thie transaction has already been entemid) into the General Joumat and pested to the General Ledpec,) July 1 Receive $80,300,00 cash from new investors, and issue $80,300,00 of Common Stock to them. July 1 Purchase $61,800.00 of new mowing equipment, paying cash to the mower dealer. July 1 Pay $500.00 cash for the July truck rental. July 3 Involce a new customer $7,265.00 for a completed mowing job - customer will pey in 10 days. July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $30,000,00 The Date of Record is set as July 15 . The Date of Payment is set as July 31 . July 7 Pay the employees $5,900.00 for work performed during the 1 st week of July. July 10 Complete a mowing job for a new customer - custamer pays $4,250.00 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 $7,100.00 for work performed during the 2 nd week of July. July 15 Purchase $1,825.00 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 $7,265.00 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 $955.00. Lenny's will pay the mower dealer in 30 days. July 19 Purchase for cash $26,950.00 of supplies. These supplies will be consumed over the next 12 months. July 20 Collect $30,000,00 from the property management campany for work performed in June. July 21 Pay the employees $7,500.00 for work performed during the 3rd week of July. July 23 Receive a $29,775,00 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 $6,900,00. The gotf course pays $1,000.00 cash on thls date and will pay the remaindar on August 25. July 27 Complete a mowing job for a now customer - customer pays $3,725,00 cash for tha job. July 27 Complete a mowing job for a new customer - customer pays $3,725.00 cash for the job. July 27 Pay $1,825.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $6,890.00 for work performed during the 4 th week of July. July 31 Invoice the property management company $23,700.00 for July mowing work. The property managament 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, 2020. For information related to this mowing equilpment 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 or July 1, 2021 and should be depreclated for the month of July. The estimated useful life of the new oquipment 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 strajoht-line method. Supplies: At the end of July there are $27,880.00 supples on-hand Mowing Sorvice at the Univeralty: 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). Wages Due the Employees: 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 $2,495.00 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 1 st Bank will be paid every three months. The first interest payment to the bank will be made on September 30,2021 . Lenny's call's the bank on July 31 and the bank indicales that the interest on the loan for July is $870.00. Lenny's Lawn Service, Inc. - General Ledger Lenny's - July 31, 2021 Pre-Closing Trial Balance C.AUTION Enter ansounts into the Financial Statements by typing in the sm-ourits De NOI copy,cels frem the Central L edger of Pre-Closing Trat Bul ance This is the frot time you have prepared a forme glatemert of Stoekholders" Equly for tenny's. This watenent shdwe what caused the change w Cowton Stock and in Rantahed Eannes from Juy 1; 2021 1o July 31, 2021. Note that the Ratained fiarrengs column on the staterent looks difereet than the calcuyeion you is the starting poril foe this calcuidine becaty Dividense is shown: as a tine Item (a deduction) in the folaned Earneng calafn. The Eneing talance in the Retaned Eaninus coluin ie the baiarce nesded for the Baiance Sheet. Enter amoun's into the Ealance Sheet by typing her the amsunts Do NOT copy ceis from the Generat Ledger or Pro.Clowing Trial Bealance Note the folicwing three new tub-totais appearing on Lonny's Balance Sheet: Total Current Assets is a total of those assets, which will turn-into celsh duting the next 12 months or be corisumed during the next 12 months. The comparison of Total Current Asseds to Totad Current Liabiliting geves some indication af Lenny/s liquidity that is, its ability to pay its bilis in the short-term. Property \& Equipment, net is the amount of Fxed Ansel oost. Which romaine io be depreciated in future accounting periods. Total Current Liablifies is a totat of those liabilibes that will require payment in the next 12 . monthe. In the case of Urearned Revenue, this curfont dabliafy will be "pald-off by Lersy's delivering mowing services to the unversaly. Lenny's - July 31, 2021 Post-Closing Trial Balance the first posinng to the Coth account tor an example. Alter you post an amount to an General Ledger eccount, then hand write an "X" in the Pasted column of the printed General Journal. This wil help you keep track of which entries you have posted. Entor the Xth, which you hand wote on your General Journal pagos, into the General Journal. Click the Journal tab and enter the " x7 's in the Posted column . Deterrine the required adjusting entries as of July 31, 2021. The information neoded for the adjusting enfries is on the page titied "Additional Infomation". This ia the second page that printed when you printed the Trans tab Click the Journal tab and record your adjusting entries in the General Journal. Un w the printed Chart of Aecounts as a Teference wource for the Aceount Numbers and Ascount Names that are arvallable in Lenny's accounting system. Put your adjusting entries on Page 8.4 of the Ceneral journal. Post the adjusting antries from the General Journal to the General Ledger accounts. Cilek the OL Ansets, GL Lab-Equly, and GL. Reyolexp tabe to find the aceouns to be posted. As you post an amount to an account be aure to enter the Generai Journal Page # into the Journal Pape # column. Afteriyou post an amount to a Conerel Lodgor account. olick back on the Jounnal tab and enter an " x " in the Posted column of the General Journal. a Print Lenny's General Ledger by: clicking the GL Aasets tab and then clicking the Printer ican. clioking the CLL LlabEqulty tab and then cleking the Printer icon. and cacking the QL Pev-fexp tab and then clicking the Printer icon. $ Using the printed General Ledger, enter the onding account balances into the July 31,2021 Pre-ciosing Trial Balance. Cick the Trial Bal tab and enter the amounts into the Pre-Cosing Trial Ealance. Print the July 31. 2021 Pre-Closing Trial Balance by clicking the Prirser icon. i9. Using the printed July 31, 2021 Pre-Closing Trial Elaianca, prepare the July 2021 Inccme Statement Gick the is a per tab and enter the amounte inte the inccmeStatemoat. - Uising the printed General Ledger and the Net income amount, prepare the July 2021 Siafement of Stockholdem' Equity. Click the is \& ReE tab and enter the amounts into tha Staternent of Stockholders" Equity. 4. Uaing the peinted July 31, 2021 Pro-Closing Tral Balance and the Rotained Earnings arrount from the Statement of Stockholdere' Equly, prepare the Jux 31.2021 Batance Sheet. Cick the flaisit tab and enter the amounts into the Balance Shent. 43. Presare the closing entres. Clek the Journal tak and ecter the olosing entries into itho General Journal Pisce your cloeing entries on Page in 5 of the Central Journal. 4 Post the cloking entries from the General deurnal to the General Ledger ascourit. Cick the OL Uab-Finity, and OL Revil xp tabe to find the accounts to be peated. As you post an ameunt to an account be sure to enter the Ceneral Journal Pege a into the Journal Page al column. After you post an arrount to a- General Ledger account, chick back an the Jeurnal tab and erster an " x " in the Posted colutn of the Ceneral Journal. 4. Cick the Poot ciose H tab and prepare the July 31.2021 Post-Cosing Tral falance. Your project is completel Your inatrucior wall provide you wht eirections on how to submit youf project