i already got an answer to this but it was in correct can someone please help me do this in proper format thank you so much!
instructions
Transactions Additional Information Lenny's Lawn Service, Inc. July 2021 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 boon entered into the General Journal and posted to the General Ledger) July 1 Receive $79,700.00 cash from new investors, and issue $79,700.00 of Common Stock to them. July 1 Purchase $60,600.00 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 $7,210.00 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 Pay the employees $5,900.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer -- customer pays $4,250.00 cash for the job. July 12 Catect $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 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 $7.210.00 on account. The cash that is received is from the new customer for the job anowi Trial Bal HIS BESEM Balsht Post Close T8 he Transactions Additional Information Lenny's Lawn Service, Inc. July 2021 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 boon entered into the General Journal and posted to the General Ledger) July 1 Receive $79,700.00 cash from new investors, and issue $79,700.00 of Common Stock to them. July 1 Purchase $60,600.00 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 $7,210.00 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 Pay the employees $5,900.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer -- customer pays $4,250.00 cash for the job. July 12 Catect $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 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 $7.210.00 on account. The cash that is received is from the new customer for the job anowi Trial Bal HIS BESEM Balsht Post Close T8 he Jx 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 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. 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. Supplies: At the end of July there are $27,930.00 supplies on-hand. 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) + 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 $2,445.00 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 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 $855.00 Lenny's Lawn Service, Inc. - Chart of Accounts Account # 100 105 110 150 155 200 205 210 215 220 250 Account Name Assets: Cash 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 300 305 400 500 505 510 515 520 550 Lenny's Lawn Service, Inc. General Journal Page # 1 Account Name Posted Debit Credit 2021 Month-Day 7-1 Account Number 100 35,000.00 Cash Notes Payable Borrowed on Note Payable 250 35,000.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 Posted Debit Credit 2021 Month-Day Account Nurnber Account Name - 3 SON RACEauit BalSht Lenny's Lawn Service, Inc. - General Journal Page # 3 2021 Month-Day Account Number Account Name Posted Debit Credit Lenny's Lawn Service, Inc. - General Journal Page #4 2021 Month-Day Account Name Debit Account Number Posted Credit uch Lenny's Lawn Service, Inc. General Journal Page # 5 Account Number 2021 Month-Day Account Name Posted Debit Credit Lenny's Lawn Service, Inc. - General Ledger Enter typing Account # 100 Cash Do N Gene Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-1 Beginning Balance 38,250.00 35,000.00 38,250.00 Dr 73,250.00 Dr Account # 105 Accounts Receivable 2021 Journal Nahit endit Dalanna TALBAS BASEquity Balsi Account # 105 Accounts Receivable Journal Page # Debit Credit 2021 Month-Day 7-1 Beginning Balance Balance 33,500.00 33,500.00 Dr Account # 110 Supplies Journal Page # Debit Credit 2021 Month-Day 7-1 Beginning Balance Balance 4,375.00 4,375.00 Dr Account # 150 Equipment Journal Debit 2021 Month-Day 7-1 Credit Balance Page # Beginning Balance 48,000.00 48,000.00 Dr Mirelone Lou Cente Club Cam CUDEM TID IC BSGawit sht Account # 110 Supplies Journal Page # Debit Credit 2021 Month-Day 7-1 Beginning Balance Balance 4,375.00 4,375.00 Dr Account # 150 Equipment Journal Debit Credit Balance 2021 Month-Day 7-1 Beginning Balance Page # 48,000.00 48,000.00 Dr Account # 155 Accumulated Depreciation Journal Page # Debit 2021 Month-Day 7-1 Credit Balance Beginning Balance 18,000.00 18,000.00 CM Lenny's Lawn Service, Inc. General Ledger Ente typin Account # 200 Accounts Payable Do N Gene Journal Page 8 Debit 2021 Month-Day 7-1 Credit Balance Beginning Balance 0.00 0.00 Cr Account # 205 Wages Payable 2021 Month-Day 7-1 Beginning Balance Journal Page # Debit Credit Balance 0.00 C 0.00 Account # 210 Interest Payable 2021 Month-Day 7-1 Beginning Balance Journal Page # Debit Credit 0.00 Balance 0.00 CE Account # 215 Unearned Revenue Account # 205 Wages Payable 2021 Month-Day 7-1 Journal Page # Debit Credit Balance Beginning Balance 0.00 0.00 Cr Account # 210 Interest Payable 2021 Month-Day 7-1 Journal Page # Debit Credit Balance Beginning Balance 0.00 0.00 Cr Account # 215 Unearned Revenue 2021 Month-Day 7-1 Journal Page # Debit Credit Balance Beginning Balance 8,000.00 8,000.00 C Account # 220 Dividends Payable 2021 Month-Day Journal Page Debit Credit Balance Account # 215 Unearned Revenue 2021 Month-Day 7-1 Journal Page # Debit Credit Balance Beginning Balance 8,000.00 8,000.00 C Account # 220 Dividends Payable 2021 Month-Day 7-1 Journal Page # Debit Credit Balance Beginning Balance 0.00 0.00 Cr Account # 250 Note Payable 2021 Month-Day 7-1 7-1 Journal Page 1 Debit Credit Beginning Balance 0.00 35,000.00 Balance 0.00 Cr 35,000.00 C Account # 300 Common Stock Diri Account # 250 Note Payable Journal Page # Debit Balance 2021 Month-Day 7-1 7-1 Beginning Balance Credit 0.00 35,000.00 0.00 Cr 35,000.00 Cr Account # 300 Common Stock 2021 Month-Day 7-1 Journal Page # Debit Credit Balance Beginning Balance 50,000.00 50,000.00 Cr Account # 305 Retained Earnings 2021 Month-Day Journal Page 8 Debit Credit Balance 7-1 Beginning Balance 48,125.00 48,125.00 Cr Lenny's Lawn Service, Inc. General Ledger CAUTION Enter amounts Into the accounts by typing in the amounts Account # 400 Service Revenue Do NOT copy cells from the General Journal into the accounts. Journal Page Debit 2021 Month-Day Beginning Balance Credit Balance 0.00 CE 7-1 0.00 Account # 500 Supplies Expense Debit Credit 2021 Month-Day 7-1 Journal Page Balance 0.00 Dr Beginning Balance 0.00 Funnnn Account # 500 Supplies Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 505 Mower Repair Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 510 Wages Expense 2021 Month-Day 7-1 Journal Page # Debit Credit Balance Beginning Balance 0.00 0.00 DO Account # 510 Wages Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 DI Account # 515 Truck Rental Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 520 Depreciation Expense Journal Page 8 Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 515 Truck Rental Expense 2021 Month-Day 7-1 Journal Pago # Debit Credit Balance Beginning Balance 0.00 0.00 Dr Account # 520 Depreciation Expense 2021 Month-Day 7-1 Journal Page Debit Credit Balance Beginning Balance 0.00 0.00 Dr Account # 550 Interest Expense Journal Page # Debit 2021 Month-Day 7-1 Credit Balance Beginning Balance 0.00 0.00 Dr Lenny's - July 31, 2021 Pre-Closing Trial Balance Account # Debit Credit CAUTI Enter amounts into the Pru typing in the amounts. Do NOT copy cells from the 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 0.00 0.00 Lenny's Lawn Service, Inc. Income Statement for the Month Ended July 31, 2021 CAUTION Enter amounts into the Financial Statements by typing in the amounts DO NOT copy cells from the General Ledger or Pre-Closing Trial Balance Service Revenue Operating Expenses Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Total Operating Expenses Income from Operations Interest Expense Net Income (Loss) Note the new line item on Lenny's Income Statement Income from Operations. This is Lenny's income from the normal operations of the lawn mowing business Interest Expense, which is not a cost of operating the business but rather a cost of financing the business, is shown below Income from Operations. Interest Expense is subtracted from Income from Operations to arrive at Net Income. 0.00 0.00 $0.00 Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2021 This is the first time you have prepared a formal Statement of Stockholders' Equity for Lenny's This statement shows what caused the change in Common Stock and in Retained Earnings from July 1, 2021 to July 31, 2021. Note that the Retained Earnings column on the statement looks different than the calculation you have been doing each month to determine the Retained Earnings amount needed for the Balance Sheet. Beginning Balance is the starting amount in previous Retained Earnings calculations, you used Current Balance as the starting amount Beginning Balance is the starting point for this calculation because Dividends is shown as a line item (a deduction) in the Retained Earnings column Common Stock Retained Earnings Beginning Balance July 1, 2021 Issue Common Stock Net Income (LOSS) Dividends Ending Balance July 31, 2021 Total $0.00 0.00 0.00 0.00 $0.00 The Ending Balance in the Retained Earnings column is the balance needed for the Balance Sheet $0.00 S000+ Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2021 Enter amounts into the Balance Sheet by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance Assets 0.00 Current Assets Cash Accounts Receivable Supplies Total Current Assets Property & Equipment Equipment Accumulated Depreciation Property & Equipment, net Total Assets Note the following three new sub-totals appearing on Lenny's Balance Sheet: Total Current Assets is a total of those assets, which will turn-into cash during the next 12 months or be consumed during the next 12 months. The comparison of Total Current Assets to Total Current Liabilities gives some indication of Lenny's liquidity that is, its ability to pay its bills in the short-term. Property & Equipment, net is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods. 0.00 $0.00 Total Current Liabilities is a total of those liabilities that will require payment in the next 12 months. In the case of Uneamed Revenue, this current liability will be paid off by Lenny's delivering mowing services to the university 0.00 Liabilities & Stockholders' Equity Current Liabilities Accounts Payable Wages Payable Interest Payable Uneared Revenue Total Current Liabilities Long-Term Libilities: Note Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0.00 0. 18 8 $0.00 Lenny's - July 31, 2021 Post-Closing Trial Balance Account # Account Name Debit Credit Enter amour typing in the Do NOT COP 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 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 0.00 0.00 F5 1 X fx As you work on your project, be sure to save your file often. Instructions: You will be recording the July 2021 transactions for Lenny's Lawn Service, Inc. After recording the July transactions you will be preparing a Pre-Closing Trial Balance, Income Statement, Statement of Stockholders' Equity, Balance Sheet, and Post-Closing Trial Balance You are given the following: July 2021 transactions and Additional Information - Trans tab Chart of Accounts with Account Numbers and Account Names -- Chart Accts tab General Journal pages Journal tab - General Ledger GL Assets, GL Liab-Equity, GL Rev-Exp tabs - Forms for the July 31, 2021: Pre Closing Trial Balance (Trial Bal tab), Income Statement and Calculation of Retained Earnings (IS & RE tab), Balance Sheet (Balsht tab), and Post-Closing Trial Balance (Post Close TB tab) To Complete Your Workbook do the following: Print the July Transactions (click the Trans tab and then click the Printer Icon) Use YOUR Transaction shes - do not use another student's sheets - Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) - 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 - Post the entries from the printed General Journal to the General Ledger accounts. Click the and Gl Rev.Exp tabs to find the accounts to be posted CURAMED Trial Bal IS & S be sure to enter the General Journal Page # into the Journal Page #column. See the first posting to the Cash account for an example. After you post an amount to a General Ledger account, then hand write an "X" in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted post the entry to the Ledger accounts -> Enter the "X"s, which you hand wrote on your General Journal pages, into the General Journal. Click the Journal tab and enter the "X's in the Posted column Pg. 2 Step 3 in the Accounting Cycle - Determine the required adjusting entries as of July 31, 2021. The information needed for the adjusting entries is on the page titled "Additional Information". This is the second page that printed when you printed the Trans tab Click the Journal tab and record your adjusting entries in the General Journal. 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. Put your adjusting entries on Page #4 of the General Journal - Post the adjusting entries from the General Journal to the General Ledger accounts Click the GL Assets, GL Liab-Equity, and GL Rev.Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page #column After you post an amount to a General Ledger account, click back on the Journal tab and enter an "x" in the Posted column of the General Journal -> Print Lenny's General Ledger by clicking the GL Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon and clicking the GL Rev-Exp tab and then clicking the Printer icon -> Using the printed General Ledger, enter the ending account balances into the July 31, 2021 Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the July 31, 2021 Pre-Closing Trial Balance by clicking the Printer icon At the end of the accounting perod, before preparing the financial statements, de if any of the General Ledge account balances need to be adjusted. Enter any ered adjusting entries into the gener Journal and post the adjusting entries to the General Ledger accounts Step 4 in the Accounting Cycle Prepare a Pre-Closing Ta Balance to determine that the accounts in the General Led we in balance Using the printed July 31, 2021 Pre-Closing Trial Balance, prepare the July 2021 Income Statement. Click the IS & RE tab and enter the amounts into the income Statement Step 5 in the Accounting Cycle Prepare an income Statement from the ending balances in the General Ledger revenue and expense accounts M CRANEXO Trial Bal IS & SEquity Balsht Post Close TB Enable content if any of the German account balances to be adjusted Enter and adjusting entries the Journal and post the dating entries to the Genealog account Lenny's accounting system. Put your adjusting entries on Page #4 of the General Journal. -> Post the adjusting entries from the General Journal to the General Ledger accounts Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page #column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal Print Lenny's General Ledger by clicking the GL Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon and clicking the GL Rev-Exp tab and then clicking the Printer icon - Using the printed General Ledger, enter the ending account balances into the July 31, 2021 Pre-Closing Trial Balance Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the July 31, 2021 Pre-Closing Trial Balance by clicking the Printer icon. Step 4 In the Accounting Cycle Prepare a Pre-Closing Tria Balance to determine that the accounts in the General Ledger are in balance Using the printed July 31, 2021 Pre-Closing Trial Balance, prepare the July 2021 Income Statement. Click the IS & RE tab and enter the amounts into the income Statement Step 5 in the Accounting Cycle Prepare an Income Statement from the ending balances in the General Ledger revenue and expense accounts Using the printed General Ledger and the Net Income amount, prepare the July 2021 Statement of Stockholders' Equity. Click the IS & RE tab and enter the amounts into the Statement of Stockholders' Equity Step 6 in the Accounting Cycle Calculate the ending balance of the Retained Earrings account that is needed for the preparation of the Balance Sheet - Step 7 in the Accounting Cycle Prepare the Balance Sheet Using the printed July 31, 2021 Pre-Closing Trial Balance and the Retained Earnings amount from the ending balances in the from the Statement of Stockholders' Equity, prepare the July 31, 2021 Balance Sheet General Ledger asset accounts Click the BalSht tab and enter the amounts into the Balance Sheet liability accounts, Common Stock account, and the calculated ending balance for Chart Accts Journal GL Assets GL Liab-Equity GL Rev-ExpTrial Bal 15 & SEquity Balsht Post Close TB preparation of the Rolence Sheet - Using the printed July 31, 2021 Pre-Closing Trial Balance and the Retained Earnings amount from the Statement of Stockholders' Equity, prepare the July 31, 2021 Balance Sheet Click the Balsht tab and enter the amounts into the Balance Sheet Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the General Ledger asset account liability accounts, Common Stock account, and the calculated ending balance for the Retained Earnings account . - Prepare the closing entries. Click the Journal tab and enter the closing entries into the General Journal Place your closing entries on Page #5 of the General Journal Post the closing entries from the General Journal to the General Ledger accounts. Click the GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted As you post an amount to an account be sure to enter the General Journal Page #into the Journal Page #column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal Step 8 in the Accounting Cycle Prepare and enter the revenue and expense closing entries into the General Journal, and post the closing entres to the General Ledger accounts Click the Post Close TB tab and prepare the July 31, 2021 Post-Closing Tnal Balance Step in the Accounting Cycle Prepare a Post-Closing Trial Balance to determine that the accounts in the General Ledger are in balance and ready to start a new Accounting Cycle Your project is complete! Your instructor will provide you with directions on how to submit your project
