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M 7 Lenny's Lawn Service, Inc. Transactions - Additional Information July 2021 Transactions Date July 1 sigles Description of the Transaction Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As an example of how to journalize and post a transaction - this transaction has already been entered into the General Journal and posted to the General Ledger) July 1 Receive $76,100.00 cash from new investors, and issue $76,100.00 of Common Stock to them. July 1 Purchase $59.400.00 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 $6,830.00 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 $30,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 July 10 July 12 July 14 Pay the employees $5,900.00 for work performed during the 1st week of July Complete a mowing job for a new customer-customer pays $4,250.00 cash for the job Collect $3,500.00 cash from the golf course for special rush mowing job completed on May 31. Pay the employees $7,100.00 for work performed during the 2nd 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 $6,830.00 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 $930.00 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 company for work performed in June Formulas Data Review View Help A A H July 19 July 20 July 21 July 23 Alignment July 27 July 27 Wrap Text July 28 July 31 Chapter 10 f - Accounting Cycle Project 14e - Excel Tell me what you want to do $%7 Number 88 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 $930.00. Lenny's will pay the mower dealer in 30 days. Purchase for cash $26,950.00 of supplies. These supplies will be consumed over the next 12 months. Collect $30,000.00 from the property management company for work performed in June. Pay the employees $7,500.00 for work performed during the 3rd week of July. 12 Conditional Format as Cell Table Styles Formatting Styles July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $6,000.00. The golf course pays $1,000.00 cash on this date and will pay the remainder on August 25. Receive a $26,025.00 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. Complete a mowing job for a new customer-customer pays $3,725.00 cash for the job. Pay $1,825.00 cash to the mower dealer for the supplies purchased on account on July 15. Pay the employees $6,890.00 for work performed during the 4th week of July. July 31 Pay the cash dividend which was declared on July 5. Invoice the property management company $23,750.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. LOCA Inse 12 Font Y Jids AA E-A- Data Review 37 SSD ED Equipment: View Help Wages Due the Employees: Alignment Bank Loan: Wrap Text Magg Centel Tell me what you want to do July 31 Pay the cash dividend which was declared on July 5. $%. ** Number Conditional Format as Cell Inser Formatting Table Styles Styles Additional Information 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 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 Supplies: Mowing Service at the University: 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) 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 $28,130.00 supplies on-hand. 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 eamed $2,245 00 of wages. These three days of wages will be paid to the workers during the first week of August. 8988 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 $775.00 Save 3... 1. n... et.... 4 Lenny's Lawn Service, Inc. - Chart of Accounts Account # Account Name Assets: Cash 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 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 ve Font rch Close Account 2021 Month-Day Number 7-1 100 250 Alignment O Lenny's Lawn Service, Inc. Merge & Center Account Name Cash Trans Chart Accts Notes Payable Borrowed on Note Payable ymal C P GL Assets $%88 Number General Journal Posted X X Debit 35,000.00 GL Liab-Equity GL Rev-Exp Conditional Format as Ce Formatting Table Styles Styles Trial Bal Shericka Williams Page # 1 Credit 35,000.00 IS & SEquity Balshe yout Formulas -12 t a13 -AA A Account # 100 105 110 150- 155 200 205 210 215 220 250 300 305 400 Data 500 505 510 515 520 550 Review View Alignment Account Name Cash Accounts Receivable Supplies Equipment Accumulated Depreciation O Lenny's July 31, 2021 Pre-Closing Trial Balance 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 Trans Chart Acc Help Wrap Text Merge & Center Totals Journal Debit 0.00 Tell me what you want to do GL Assets $-959 Shericka Williams Number Credit GL Liab-Equity -0 0 0.00 GL Re-Exp Conc Form Enter amot Balance by Do NOT co Font Close Service Revenue Operating Expenses Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Lenny's Lawn Service, Inc. Income Statement for the Month Ended July 31, 2021 Total Operating Expenses Income from Operations Interest Expense Net Income (Loss) Alignment Beginning Balance July 1, 2021 Issue Common Stock Net Income (Loss) Dividends Ending Balance July 31, 2021 Shericka Williams 0.00 0.00 $0.00 Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2021 Common Stock Merge & Center $0.00 Journal Retained Earings $0.00 Enter amounts into Do NOT copy cells Note the new Income from the normal op Interest Exp business but below Income from Income fre Total $0.00 0.00 0.00 0.00 $0.00 GL Liab-Equity 1 U is as The nee GL R 3 Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2021 Assets Current Assets: Cash Accounts Receivable Supplies Property & Equipment. Equipment Accumulated Depreciation Total Current Assets Property & Equipment, net Total Assets Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Uneamed Revenue Total Current Liabilities Long-Term Liabilities: Note Payable Stockholders' Equity Common Stock Retained Earnings Total Liabilities Total Stockholders' Equity Total Liabilities & Stockholders' Equity Trans Chart Accts Journal 0.00- 0.00 $0.00 0.00 0.00 0.00 $0.00 GL Assets Enter amount Do NOT copy Note the Lenny's E Total Cur which will be consum comparisor Liabilities g that is, its a Property & Asset cost, v accounting p Total Curren liabilities that i months. In the current liability mowing servici GL Liab-Equity 0 0 GL Rev Lenny's - July 31, 2021 Post-Closing Trial Balance Account # 100 105 110 150- 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 Account Name 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 Debit Shericks Williams 0.00 Credit 0.00 Enter a Balance Do NOT