I am having trouble finding where I messed up my balance. Please help.
Baylee Smith Lenny's Lawn Service, Inc. - General Journal Page # 1 Pute Credit Debit 35,000.00 X 35,000.00 ...................... 78,250.00 78,250.00 ************ 42,300.00 42,300.00 500.00 500.00 2,530.00 2,530.00 22,500.00 22,500.00 6,000.00 2019 Account Account Nand Hustl-DS Hsber 7-1 100 Cash 250 Notes Payable Borrowed on Nota Payable 7-1 Cash Common stock issued 7-1 Equipment Cash 7-1 Truck Rental Expense cash 7-3 Accounts Receivable Service Revenue 7-5 Retained Earnings Dividends Payable 7-7 Wages expense Cash 7-10 cach Service Revenue 7-12 Cash Accounts Receivable 7-14 Wages expense cash 7-15 Supplies (also supplier expense) accounts payable (also supplics) 7-15 Cash Accounts Receivable 7-17 Mower Repair expense Accounts payable 7-19 Supplies expense cash 7-20 Cash Accounts Receivable 6,000.00 6,500.00 6,500.00 3,500.00 3,500.00 ************* 7,500.00 7,500.00 *** 1,180.00 1,180.00 2,530.00 2,530.00 675.00 675.00 21,000.00 21,000.00 30,000.00 30,000.00 HOTTIE 675.00 ********* 7-19 21,000.00 21,000.00 7-20 30,000.00 30,000.00 7-21 Accounts payable Supplies expense cash Cash Accounts Receivable Wages expense Cash Cach Unearned Revenue Cash Accounts Receivable 6,850.00 6,850.00 BUTTET 7-23 27,750.00 27,750.00 RETETT 7-25 500.00 3,100.00 Lenny's Lawn Service, Inc. - General Journal Page 2 Debit Credit 3,600.00 3,800.00 3,800.00 1. 180.00 1,180.00 5,300.00 5,300.00 17,050.00 2019 Account Account Nant Pute Hastl-De Mueber Service Revenue 7-27 Cash Service Revenue 7-27 Accounts Payable Cash 7-28 wages expense cash 7-31 Accounts receivable Service Revenue 7-31 Dividend Payable Cash ADJUSTING ENTRIES 7-31 Depreciation Expenses Accumulated Depreciation Equipment 7-31 Wages expenses wage payable 7-31 Interest expenses Interest payable 17,050.00 22,500.00 22,500.00 1,505.00 1,505.00 2,425.00 2,425.00 740.00 740.00 Direction Trane chart cete Journal GIA AutoSave ACP - Last Modified: Sun at 10:15 PM - O Search Baylee Smith BS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial 12 WE 27 ~ A A === 20 ab Wrap Text . EEE 3 Merge & Center 5 Paste BIU Ideas $ %, -20 Insert Delete Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas C2 f 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 $78,250.00 cash from new investors, and issue $78,250.00 of Common Stock to them. July 1 Purchase $42,300.00 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 $2,530.00 for a completed mowing job -- customer will pay in 10 days. OOOUU July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $22,500.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $6,000.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer -- customer pays $6,500.00 cash for the job. July 12 Collect $3,500.00 cash from the golf course special rush mowing job completed on May 31. July 14 Pay the employees $7,500.00 for work performed during the 2nd week of July. July 15 Purchase $1,180.00 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. Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB 100% Search here j 22% A ENG 10:16 PM 6/24/2020 AutoSave On F ACP - Last Modified: Sun at 10:15 PM - Search Baylee Smith BS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial 12 AA === MOV ab Wrap Text TTX WE 280 5 Paste BIU Ideas Insert Delete Format Av $ %,00 Merge & Center Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas C2 X fx July 15 Purchase $1,180.00 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 $2,530.00 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 2018 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $675.00. Lenny's will pay the mower dealer in 30 days. n July 19 Purchase for cash $21,000.00 of supplies. These supplies will be consumed over the next 12 months. O July 20 Collect $30,000.00 from the property management company for work performed in June July 21 Pay the employees 56,850.00 for work performed during the 3rd week of July. July 23 Receive a $27,750.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2019 to January 31, 2020. July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $3,600.00. The golf course pays $500.00 cash on this date and will pay the remainder on August 25. July 27 Complete a mowing job for a new customer -- customer pays $3,800.00 cash for the job. I July 27 Pay 51,180.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $5,300.00 for work performed during the 4th week of July. July 31 Invoice the property management company $17,050.00 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. Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB 3 + 81% Search here | 0 DT music W 22% PPP ENG 10:17 PM 6/24/2020 AutoSave On F ACP - Last Modified: Sun at 10:15 PM - O Search Baylee Smith BS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial 12 ~AA === ab Wrap Text TTX WE 280 5 Paste BIU Ideas Insert Delete Format $ %,00 Merge & Center Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas C2 X Additional Information Equipment: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2018. For information related to this mowing equipment see Page 70 in the Solid Footing book. 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, 2019: The new equipment was placed into service on July 1, 2019 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 $21,550.00 supplies on-hand. Mowing Service at the University The monthly mowing service was provided to the university per the contract signed on April 1, 2019. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. Wages Due the Employees: The last wage payment was made to the employees on July 28, 2019. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $2,425.00 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, 2019. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $740.00. Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB G 3 + 81% Search here j music W 21% PPP ENG 10:19 PM 6/24/2020 L AutoSave ACP - Last Modified: Sun at 10:15 PM - O Search Baylee Smith BS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial 12 ~AA === 1 ab Wrap Text HA WE Paste Insert Delete Format Ideas A $ %, - Merge & Center Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas F15 foc ACCUEIL TO ACCOUTIC TTUTTI CTEUR Enter amounts into the Pre-Closing Trial Balance by typing in the amounts. 112,770.00 13,950.00 26,555.00 90,300.00 Do NOT copy cells from the General Ledger, 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 19,505.00 3,035.00 2,425.00 740.00 35,730.00 0.00 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 35,000.00 128,250.00 25,625.00 33,480.00 510 515 520 550 22,180.00 675.00 28,075.00 500.00 1,505.00 740.00 297,250.00 283,790.00 Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB + 100% Search here gi 22% H ENG 10:15 PM 6/24/2020 Baylee Smith Lenny's Lawn Service, Inc. - General Journal Page # 1 Pute Credit Debit 35,000.00 X 35,000.00 ...................... 78,250.00 78,250.00 ************ 42,300.00 42,300.00 500.00 500.00 2,530.00 2,530.00 22,500.00 22,500.00 6,000.00 2019 Account Account Nand Hustl-DS Hsber 7-1 100 Cash 250 Notes Payable Borrowed on Nota Payable 7-1 Cash Common stock issued 7-1 Equipment Cash 7-1 Truck Rental Expense cash 7-3 Accounts Receivable Service Revenue 7-5 Retained Earnings Dividends Payable 7-7 Wages expense Cash 7-10 cach Service Revenue 7-12 Cash Accounts Receivable 7-14 Wages expense cash 7-15 Supplies (also supplier expense) accounts payable (also supplics) 7-15 Cash Accounts Receivable 7-17 Mower Repair expense Accounts payable 7-19 Supplies expense cash 7-20 Cash Accounts Receivable 6,000.00 6,500.00 6,500.00 3,500.00 3,500.00 ************* 7,500.00 7,500.00 *** 1,180.00 1,180.00 2,530.00 2,530.00 675.00 675.00 21,000.00 21,000.00 30,000.00 30,000.00 HOTTIE 675.00 ********* 7-19 21,000.00 21,000.00 7-20 30,000.00 30,000.00 7-21 Accounts payable Supplies expense cash Cash Accounts Receivable Wages expense Cash Cach Unearned Revenue Cash Accounts Receivable 6,850.00 6,850.00 BUTTET 7-23 27,750.00 27,750.00 RETETT 7-25 500.00 3,100.00 Lenny's Lawn Service, Inc. - General Journal Page 2 Debit Credit 3,600.00 3,800.00 3,800.00 1. 180.00 1,180.00 5,300.00 5,300.00 17,050.00 2019 Account Account Nant Pute Hastl-De Mueber Service Revenue 7-27 Cash Service Revenue 7-27 Accounts Payable Cash 7-28 wages expense cash 7-31 Accounts receivable Service Revenue 7-31 Dividend Payable Cash ADJUSTING ENTRIES 7-31 Depreciation Expenses Accumulated Depreciation Equipment 7-31 Wages expenses wage payable 7-31 Interest expenses Interest payable 17,050.00 22,500.00 22,500.00 1,505.00 1,505.00 2,425.00 2,425.00 740.00 740.00 Direction Trane chart cete Journal GIA AutoSave ACP - Last Modified: Sun at 10:15 PM - O Search Baylee Smith BS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial 12 WE 27 ~ A A === 20 ab Wrap Text . EEE 3 Merge & Center 5 Paste BIU Ideas $ %, -20 Insert Delete Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas C2 f 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 $78,250.00 cash from new investors, and issue $78,250.00 of Common Stock to them. July 1 Purchase $42,300.00 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 $2,530.00 for a completed mowing job -- customer will pay in 10 days. OOOUU July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $22,500.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $6,000.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer -- customer pays $6,500.00 cash for the job. July 12 Collect $3,500.00 cash from the golf course special rush mowing job completed on May 31. July 14 Pay the employees $7,500.00 for work performed during the 2nd week of July. July 15 Purchase $1,180.00 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. Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB 100% Search here j 22% A ENG 10:16 PM 6/24/2020 AutoSave On F ACP - Last Modified: Sun at 10:15 PM - Search Baylee Smith BS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial 12 AA === MOV ab Wrap Text TTX WE 280 5 Paste BIU Ideas Insert Delete Format Av $ %,00 Merge & Center Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas C2 X fx July 15 Purchase $1,180.00 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 $2,530.00 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 2018 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $675.00. Lenny's will pay the mower dealer in 30 days. n July 19 Purchase for cash $21,000.00 of supplies. These supplies will be consumed over the next 12 months. O July 20 Collect $30,000.00 from the property management company for work performed in June July 21 Pay the employees 56,850.00 for work performed during the 3rd week of July. July 23 Receive a $27,750.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2019 to January 31, 2020. July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $3,600.00. The golf course pays $500.00 cash on this date and will pay the remainder on August 25. July 27 Complete a mowing job for a new customer -- customer pays $3,800.00 cash for the job. I July 27 Pay 51,180.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $5,300.00 for work performed during the 4th week of July. July 31 Invoice the property management company $17,050.00 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. Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB 3 + 81% Search here | 0 DT music W 22% PPP ENG 10:17 PM 6/24/2020 AutoSave On F ACP - Last Modified: Sun at 10:15 PM - O Search Baylee Smith BS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial 12 ~AA === ab Wrap Text TTX WE 280 5 Paste BIU Ideas Insert Delete Format $ %,00 Merge & Center Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas C2 X Additional Information Equipment: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2018. For information related to this mowing equipment see Page 70 in the Solid Footing book. 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, 2019: The new equipment was placed into service on July 1, 2019 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 $21,550.00 supplies on-hand. Mowing Service at the University The monthly mowing service was provided to the university per the contract signed on April 1, 2019. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. Wages Due the Employees: The last wage payment was made to the employees on July 28, 2019. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $2,425.00 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, 2019. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $740.00. Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB G 3 + 81% Search here j music W 21% PPP ENG 10:19 PM 6/24/2020 L AutoSave ACP - Last Modified: Sun at 10:15 PM - O Search Baylee Smith BS File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Arial 12 ~AA === 1 ab Wrap Text HA WE Paste Insert Delete Format Ideas A $ %, - Merge & Center Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Clipboard Font Alignment Number Cells Editing Ideas F15 foc ACCUEIL TO ACCOUTIC TTUTTI CTEUR Enter amounts into the Pre-Closing Trial Balance by typing in the amounts. 112,770.00 13,950.00 26,555.00 90,300.00 Do NOT copy cells from the General Ledger, 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 19,505.00 3,035.00 2,425.00 740.00 35,730.00 0.00 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 35,000.00 128,250.00 25,625.00 33,480.00 510 515 520 550 22,180.00 675.00 28,075.00 500.00 1,505.00 740.00 297,250.00 283,790.00 Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB + 100% Search here gi 22% H ENG 10:15 PM 6/24/2020
