Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELPP thank u Record the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal. Look

image text in transcribedimage text in transcribedimage text in transcribed

HELPP thank u

Record the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal. Look at the July 1 Notes Payable transaction, which has already been entered, for an example of how to make your entries. Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. To make posting from the General Journal to the General Ledger easier, it is recommended that you print the General Journal -- click the Journal tab and then click the Printer Icon. July 2023 Transactions Date Description of the Transaction July 1 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 $77,500.00 cash from new investors, and issue $77,500.00 of Common Stock to them. July 1 Purchase $30,300.00 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 $6,125.00 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 $36,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $5,300.00 for work performed during the 1 st week of July. July 10 Complete a mowing job for a new customer -- customer pays $6,910.00 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 $6,100.00 for work performed during the 2nd week of July. July 15 Purchase $2,770.00 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 $6,125.00 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 2022 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $990.00. Lenny's will pay the mower dealer in 30 days. July 19 Purchase for cash $27,250.00 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 $6,950.00 for work performed during the 3rd week of July. July 23 Receive $19,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2023 to January 31, 2024 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $4,500.00. 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 $5,475.00 cash for the job. July 27 Pay $2,770.00 cash to the mower dealer for the supplies purchased on account on July 15 . July 28 Pay the employees $7,150.00 for work performed during the 4th week of July. July 31 Invoice the property management company $22,500.00 for July 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. Lenny's Lawn Service, Inc. - General Journal Page \# 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions