I cannot seem to balance can you please help me. it is due tonight
DelvaGuy-ACP View ome Insert Draw Page Layout Formulas 1. Xcut AH AH AH Copy este Format BI U S S. A AH x & fx Data Review = = 3 Wrap Text- Merge & Center. $. % ) Conditional Format Formatting as Table Cal Style Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2019 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 joumalize and post a transaction -- this transaction has already been entered into the General Joumal 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. 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 56,000.00 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 for 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. 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. Directions Trans OL Assets Trial Bal 15 & SEquity A * 8 n o DelvaGuy-ACP View Page Layout Formulas MARE A- A Data Review F = = Home Insert Draw .X CU Copy Paste Format 2 X fx x & fx Ep Wrap Text So Wrap Text 2 Morge & Center Conditional Format Formatting as Table Cell Styles 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. July 19 Purchase for cash $21,000.00 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 $6,850.00 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. July 27 Pay $1,180.00 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. U 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, 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. httle Trans Chart Acets Journal AGL Assets AGL Lieb-Equity GL Rovex Directions Thai AIS & SEquity AB DelvaGuy-ACP Home Draw Page Layout Data Review View Insert cut LG copy " Format x Formulas A A A MARIA Wrap Text Marge & Conter CTNAAMANNA $ % . . Conditional Format L = Paste = = & Conditional Format Formatting as Table Cell Styles Cell BI fx C2 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. At the end of July there are $21,550.00 supplies on-hand. Supplies: 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 G C Act Journal A GL Assets GL Liab-Equity AGL Rev.Expo Thal Bal AIS & SEquity AB DelvaGuy-ACP Home Draw Page Layout Insert Cut 9 " Formulas An A- A Data Review View = = = EE E 33 Wrap Text Ep Wrap Text Merge & Center. Paste EF $ % ) . Conditional Format Format BI U fx B2 x 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: SI Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense 300 305 400 500 505 510 515 520 550 Directions Trans Chart Accts Journal GL Assets AGL Liab-Equity GL Rev-Exp T rial B IS & SEquity 3 GAT 2 DelvaGuy-ACP Draw Page Layout View Formulas A-A A Home Insert CU Cut Copy For E60 x Data = = = = Review = = = = Wrap Text Wrap Te Morge & Center Paste = $ % ) Conditional Forman Formatting as Tablo BI fx S dividends payable Lenny's Lawn Service, Inc. - General Journal Page # 1 2019 Month-Day Posted Debit Credit 7-1 Account Number 100 250 X 35,000.00 X 35,000.00 X 100 300 150 X 100 Account Name Cash Notes Payable Borrowed on Note Payable cash common stock equipment cash truck rental cash account receivable service revenue retained earnings dividends payable wages expense X 515 X X X X X X X Cash X X X cash service revenue cash account receivable 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 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 GL Lab-Equity GL Rev-Exp X X X wages expense cash X X X X X 505 supplies account payable cash account receivable mower repair expense account payable supplies cash X 200 X X 100 X Directions Trans A Chart Accts Jourgal AGL Assets T rial BalA IS & SEquity 8 8 9 2 DelvaGuy-ACP @ 5.5 Home Insert Draw Page Layout Formulas Data Review View Xcut A- A = = = Copy Format BILA EE E60 x fx dividends payable Wrap Text Paste Merge & Center $ Conditional Formatting as 7-19 110 21,000.00 100 supplies cash cash account receivable 7-20 30,000.00 100 105 510 100 xxx xxxxxx 6,850.00 wages expense cash cash uneamed revenue cash account receivable 21,000.00 30,000.00 6,850.00 27,750.00 27,750.00 7-25 100 105 500.00 3,100.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 2019 Number Account Name Debit 400 service revenue Credit 3,600.00 X 7-27 100 cash X 3,800.00 400 X service revenue account payable cash 3,800.00 X 1,180.00 X 1,180.00 wages expense X 5,300.00 cash X X 17,050.00 X account receivable service revenue dividends payable cash 5,300.00 17,050.00 22,500.00 X 100 22,500.00 X 520deo X 155 depreciation expense accumulated depreciation 800.00 X 800.00 7-31 X 550 210 interest expense interest payable 740.00 X 740.00 Directions Trans C hart Acets Journal GL Assets GL Liab-Equity AGL Re-Exp Trial Bal IS & SE esc 80p DelvaGuy-ACP Home Insert View . Cut Draw Page Layout Formulas Data - A- A = = BIU L ISHALE = Review = =) = Wrap Text Marge & Carter 9 Format x Paste , $ % 2 Conditional Forn Formatting as Ta Conditional Form E60 fx dividends payable X 5,300.00 X 5,300.00 510 100 105 400 X wages expense cash account receivable service revenue dividends payable cash 17,050.00 X 17,050.00 X 22,500.00 X 22,500.00 X 520 155 depreciation expense accumulated depreciation 800.00 X 800.00 X 550 210 interest expense interest payable 740.00 X 740.00 X 510 205 wages expense wages payable 2,425.00 X 2,425.00 X 215 400 uneamed revenue service revenue 8,000.00 X 8,000.00 500 110 Supplies expense Supplies 630.00 630.00 Directions Trans C SIGAR hart Acets Journal GL Assets GL Lab-Equity GL Rev-Exp Trial Bal I S & SEqu * DelvaGuy-ACP Draw Page Layout Formulas Data View Review Home M Wrap Text Insert of cut Copy Format * Merge & Center $ Con For Paste H69 fx 800 Lenny's Lawn Service, Inc. General Ledger CAUTION Enter amounts into the accounts by typing in the amounts Do NOT copy cols from the General Journal into the accounts Account 100 Cash Balance 7-1 Beginning Balance Debit 38,250.00 35,000.00 38,250.00 Dr 73,250.00 Dr 78,250.00 6,500.00 3,500.00 T.14 7-15 7-19 7-20 7-21 2,530.00 21,000.00 30,000.00 151,500.00 DE 42,300.00 109.200.00 DE 500.00 108.700.00 DE 6,000.00 ||||102.700.00 Dr 109,200.00 DI 112.700.00 Dr 7,500.00 | 105,200.00 DE 107,730.00 DY 128,730.00 Dr |||||158,730.00 Dr 6.850.00 | 151.880.00 Dr 179,630.00 DI 180,130.00 Dr 183,930.00 DI 1,180.00||||||182,750.00 Dr 5,300.00 177.450.001 - 22,500 00 1 54,950.00 7-23 7-25 27.750,00 500.00 3,800.00 7-27 7-27 7-31 Accounts Receivable Page Credit 7-1 Beginning Balance Debit 33,500.00 2,530.00 Balance 33,500.00 36,030.00 D 32,530.00 D- 3,500.00 2.530.00 30,000.00 30,000.00 DE 0.00 DE 3,100.00 D 20,150.00 D 3,100.00 17,050.00 7-31 Directions Trans A Chart Act GL Assets AGL Liab-Equity GL Rov-Exp Trial Bal esc 20: F 5 DelvaGuy-ACP Review View Home Draw Page Layout Formulas A- A Data - Wrap Text Insert Cut LG Capy " 3 Format x Merge & Center $ . % * Conditie Format Daste H69 fx 800 Account # 110 Supplies Credit Balance 7-1 Beginning Balance Debit 4,375.00 21,000.00 1,180.00 4,375.00 Dr 25,375.00 DE 26,555.00 Dr 25,925.00 Dr 630.00 Account # 150 Credit Balance 48,000.00 DE 90,300.00 DA 7-1 Debit 48,000.00 42,300.00 Beginning Balance Account # 155 Accumulated Depreciation Debit 7-1 Beginning Balance Credit RAL 18,000.00 LINN800.00 Balance 18.000.000 18,800.00 C 7:31 cons Trans C hart Accts Journal GL Assets Gu Liab-Equity AGL Rev-E Trial Bal esc 2013 DelvaGuy-ACP 7 Draw Formulas Page Layout Data View Review Wrap Text * H 5 6 Home Insert Cut Le Copy " Format G48 x Merge & Center Conditional Formatting a Paste fc 22500 typing in the amounts. Do NOT copy cells from the General Journal into the accounts. Account # 200 Accounts Payable 2019 Month-Day Journal Pago # Debit Credit 7-1 Beginning Balance 0.00 1,180.00 Balance 0.00 Cr -1,180.00 Dr -505.00 Dr 675.00 CM 7-27 7-17 675.00 1,180.00 7-15 Account # 205 Wages Payable 2019 Journal Page Debit 7-1 Beginning Balance Credit 0.00 2,425.00 Balance 0.00 Cr 2,425.00 Cr Account # 210 Interest Payable Journal Page Debit 2019 Month-Day 7-1 7-31 Beginning Balance Credit 0.00 740.00 Balance 0.00 Cr 740.00 Cr Account # 215 Unearned Revenue Journal Pago Debit 2019 Month-Day 7-1 7-25 7-31 Beginning Balance Credit 8,000.00 27,750.00 Balance 8,000.00 Cr 35,750.00 C 27,750.00 Cr 8,000.00 Directions Trans A Chart Acots Journal AGL Assets GL Liab-Equity GL Rev-Exp o Trial Bal AIS esc 0: 30 F3 52 DelvaGuy-ACP View Data = Review = Wrap Text @SU- Home Insert Draw Page Layout Formulas I. Xcut AH AH LG copy " BIU SUA Format G48 x fx 22500 Account # 220 Dividends Payable Merge & Center Conditional Form Formatting as Ta Paste Journal Page 7 Debit Credit 2019 Month-Day 7-1 7-5 7-31 0.00 Beginning Balance Balance 0.00 C 22,500.00 C 0.00 CM 22,500.00 22,500.00 Account # 250 Note Payable 2019 Journal Page Balance 0.00 CE 35,000.00 Beginning Balance Credit 0.00 35,000.00 7-1 7-1 Account # 300 Common Stock Journal Debit 2019 Month-Day 7-1 7-1 Beginning Balance Credit 50,000.00 78,250.00 Balance 50,000.00 C 128,250.00 Cr Account # 305 Retained Earnings 2019 Month-Day 7-1 Journal Page Debit Credit 48,125.00 Beginning Balance Balance 48,125.00 C 25,625.00 C 22,500.00 Directions Trans Chart Accts JournaA GLASBA GL Liab-Equity AGL Rev-Exp Trial Bal IS & esc 30: 20: F 52 DelvaGuy-ACP Home Draw Page Layout Data View Insert X Cut LS Copy - Format Formulas A- A Review 9 = 5 Wrap Text Paste - Morge & Center - $ % 2 Conditional Formatting conditional H81 Account # 505 Mower Repair Expense Journal Page # Credit 2019 Month-Day 7-1 7-17 Beginning Balance Debit 0.00 675.00 Balance 0.00 Dr 675.00 Dr Account # 510 Wages Expense 2019 lonth-Day 7-1 Pago # Credit Balance Beginning Balance 7-7 7-14 7-21 7-28 7-31 Debit 0.00 6,000.00 7,500.00 6,850.00 5,300.00 2,425.00 0.00 Dr 6,000.00 Dr 13,500.00 Dr 20,350.00 Dr 25,650.00 Dr 28,075.00. Dr Account # 515 Truck Rental Expense Pago Credit Balance 2019 Month-Day 7-1 7-1 Beginning Balance Debit 0.001 500.00 0.00 Dr 500.00 Dr Arrunt 520 Directions Denreciation Exnens Trans Journal AGL Assets AGL Lieb-Equity AGL Rev-Exp Trial Bal AIS & 2 DelvaGuy-ACP Home Draw Review View Page Layout Formulas A- A ULLAH Data = = = Insert Cut Copy Format A Wrap Text Paste Merge & Center $ Conditional F Formatting as H81 fx Account # 520 Depreciation Expense Journal Page # Credit 2019 Month-Day 7-1 7-31 Beginning Balance Debit 0.00 800.00 Balance 0.00 Dr 800.00 Dr Account # 550 Interest Expense Page Credit Balance 2019 Month-Day 7-1 7-31 Beginning Balance Debit 0.00 740.00L 0.00 Dr 740.00 Dr Directions Trans Chart Accts Journal AGL Assets GL Liab-Equity GL Rev-Exp Trial Bal S&S 55 2 DelvaGuy-ACP Review View Home Insert Lo Cut Format F18 x Draw Page Layout Formulas A - A BIL A for 25625 Data = Wrap Text = = Morge & Center - Lenny's - July 31, 2019 Pre-Closing Trial Balance Account Name Credit Account 100 105 110 CAUTION Enter amounts into the Pre-Closing Trial Balanc typing in the amounts. Debit 154,950.00 20,150.00 25,925.00 90,300.00 Do NOT copy cells from the General Ledger. 150 155 200 205 210 215 220 250 300 305 400 500 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Uneamed Revenue Dividends Payable Note Payable Common Stock Retained Earnings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Derne Depreciation Expense Interest Expense Totals 18,800.00 675.00 2,425.00 740.00 27.750.00 0.00 35,000.00 128,250.00 25,625.00 37,680.00 505 510 515 520 630.00 675.00 28,075.00 500.00 800.00 550 740.00 322,745.00 276,945.00 PS Chart Acots GL Assets GL Liab-Equity GGL Rov-Exp Trial 20 F3 DelvaGuy ACP View Wan Text Home Insert Draw Page Layout Formulas Data Review Xcut BLUE LA SUA EES) D9Xfx Copy Format 3 C) Morgo a cantar s Paste , scandalong Farmers can meet Lenny's Lawn Service, Inc. Income Statement for the Month Ended July 31, 2019 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 Mower Repair Wages Truck Rental Depreciation Total Operating Expenses Income from Operations Interest Expense Net Income 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, 2019 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 Eamings from July 1, 2019 to July 31, 2019. Note that the Retained Earnings column on the statement looks different than the calculation you have been doing each month to determine the Retained Eamings 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 la deduction) in the Retained Earnings column Common Stock Retained Earnings Total $0.00 0.00 Beginning Balance July 1, 2019 Issue Common Stock Net Income Dividends Ending Balance July 31, 2019 0.00 0.00 $0.00 The Ending Balance in the Retained Earrings column is the balance needed for the Balance Sheet $0.00 $0.00 ctions Tra IS & SEquity Batsht tab DelvaGuy-ACP DrawPage Layout Review View Home Insert A X Cut to Copy Paste Format D9 A v Formulas AA A Data = E = > Wrap Testi Morge Center = = = $ % ) Condi B fare Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2019 CALLION 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 Note the following three new sub-totals appearing on Lenny's Balance Sheet: Current Assets Cash Accounts Receivable Supplies Total Current Assets Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net Total Assets 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. S0.00 Property & Equipment, not is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods Total Current Liabilities is a total of those labilities that will require payment in the next 12 months. In the case of Unearned Revenue, this current ability will be paid off by Lenny's delivering mowing services to the university Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Urearned Ravenue Total Current Liabilities Long Term Liabilities: Nota Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0.00 $0.00 - Journal al Acets des Euty A GLA DelvaGuy-ACP Draw Page Layout View Home 1. Insert Out Copy Format : x Formulas Data Review A A = - AD EEE3 to wrap Test Morge & Center S. % ) Condition BIUD x E6 Guy R. Daiva Lenny's - July 31, 2019 Post-Closing Trial Balance Debit Credit CAUTION Enter amounts into the Post Closing Trial Balance by typing in the amounts. Account 100 105 110 Account Name Cash Accounts Receivable Supplies Do NOT copy cells from the General Ledger. 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Uneamed Revenue Dividends Payable Note Pavable Common Stock Retained Eamings Service Revenue Supplies Expanse Mower Repal Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 570 550 ab-Equity GL Rov-Exp T ral 18 & S DelvaGuy-ACP View ome Insert Draw Page Layout Formulas 1. Xcut AH AH AH Copy este Format BI U S S. A AH x & fx Data Review = = 3 Wrap Text- Merge & Center. $. % ) Conditional Format Formatting as Table Cal Style Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2019 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 joumalize and post a transaction -- this transaction has already been entered into the General Joumal 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. 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 56,000.00 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 for 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. 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. Directions Trans OL Assets Trial Bal 15 & SEquity A * 8 n o DelvaGuy-ACP View Page Layout Formulas MARE A- A Data Review F = = Home Insert Draw .X CU Copy Paste Format 2 X fx x & fx Ep Wrap Text So Wrap Text 2 Morge & Center Conditional Format Formatting as Table Cell Styles 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. July 19 Purchase for cash $21,000.00 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 $6,850.00 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. July 27 Pay $1,180.00 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. U 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, 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. httle Trans Chart Acets Journal AGL Assets AGL Lieb-Equity GL Rovex Directions Thai AIS & SEquity AB DelvaGuy-ACP Home Draw Page Layout Data Review View Insert cut LG copy " Format x Formulas A A A MARIA Wrap Text Marge & Conter CTNAAMANNA $ % . . Conditional Format L = Paste = = & Conditional Format Formatting as Table Cell Styles Cell BI fx C2 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. At the end of July there are $21,550.00 supplies on-hand. Supplies: 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 G C Act Journal A GL Assets GL Liab-Equity AGL Rev.Expo Thal Bal AIS & SEquity AB DelvaGuy-ACP Home Draw Page Layout Insert Cut 9 " Formulas An A- A Data Review View = = = EE E 33 Wrap Text Ep Wrap Text Merge & Center. Paste EF $ % ) . Conditional Format Format BI U fx B2 x 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: SI Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense 300 305 400 500 505 510 515 520 550 Directions Trans Chart Accts Journal GL Assets AGL Liab-Equity GL Rev-Exp T rial B IS & SEquity 3 GAT 2 DelvaGuy-ACP Draw Page Layout View Formulas A-A A Home Insert CU Cut Copy For E60 x Data = = = = Review = = = = Wrap Text Wrap Te Morge & Center Paste = $ % ) Conditional Forman Formatting as Tablo BI fx S dividends payable Lenny's Lawn Service, Inc. - General Journal Page # 1 2019 Month-Day Posted Debit Credit 7-1 Account Number 100 250 X 35,000.00 X 35,000.00 X 100 300 150 X 100 Account Name Cash Notes Payable Borrowed on Note Payable cash common stock equipment cash truck rental cash account receivable service revenue retained earnings dividends payable wages expense X 515 X X X X X X X Cash X X X cash service revenue cash account receivable 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 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 GL Lab-Equity GL Rev-Exp X X X wages expense cash X X X X X 505 supplies account payable cash account receivable mower repair expense account payable supplies cash X 200 X X 100 X Directions Trans A Chart Accts Jourgal AGL Assets T rial BalA IS & SEquity 8 8 9 2 DelvaGuy-ACP @ 5.5 Home Insert Draw Page Layout Formulas Data Review View Xcut A- A = = = Copy Format BILA EE E60 x fx dividends payable Wrap Text Paste Merge & Center $ Conditional Formatting as 7-19 110 21,000.00 100 supplies cash cash account receivable 7-20 30,000.00 100 105 510 100 xxx xxxxxx 6,850.00 wages expense cash cash uneamed revenue cash account receivable 21,000.00 30,000.00 6,850.00 27,750.00 27,750.00 7-25 100 105 500.00 3,100.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 2019 Number Account Name Debit 400 service revenue Credit 3,600.00 X 7-27 100 cash X 3,800.00 400 X service revenue account payable cash 3,800.00 X 1,180.00 X 1,180.00 wages expense X 5,300.00 cash X X 17,050.00 X account receivable service revenue dividends payable cash 5,300.00 17,050.00 22,500.00 X 100 22,500.00 X 520deo X 155 depreciation expense accumulated depreciation 800.00 X 800.00 7-31 X 550 210 interest expense interest payable 740.00 X 740.00 Directions Trans C hart Acets Journal GL Assets GL Liab-Equity AGL Re-Exp Trial Bal IS & SE esc 80p DelvaGuy-ACP Home Insert View . Cut Draw Page Layout Formulas Data - A- A = = BIU L ISHALE = Review = =) = Wrap Text Marge & Carter 9 Format x Paste , $ % 2 Conditional Forn Formatting as Ta Conditional Form E60 fx dividends payable X 5,300.00 X 5,300.00 510 100 105 400 X wages expense cash account receivable service revenue dividends payable cash 17,050.00 X 17,050.00 X 22,500.00 X 22,500.00 X 520 155 depreciation expense accumulated depreciation 800.00 X 800.00 X 550 210 interest expense interest payable 740.00 X 740.00 X 510 205 wages expense wages payable 2,425.00 X 2,425.00 X 215 400 uneamed revenue service revenue 8,000.00 X 8,000.00 500 110 Supplies expense Supplies 630.00 630.00 Directions Trans C SIGAR hart Acets Journal GL Assets GL Lab-Equity GL Rev-Exp Trial Bal I S & SEqu * DelvaGuy-ACP Draw Page Layout Formulas Data View Review Home M Wrap Text Insert of cut Copy Format * Merge & Center $ Con For Paste H69 fx 800 Lenny's Lawn Service, Inc. General Ledger CAUTION Enter amounts into the accounts by typing in the amounts Do NOT copy cols from the General Journal into the accounts Account 100 Cash Balance 7-1 Beginning Balance Debit 38,250.00 35,000.00 38,250.00 Dr 73,250.00 Dr 78,250.00 6,500.00 3,500.00 T.14 7-15 7-19 7-20 7-21 2,530.00 21,000.00 30,000.00 151,500.00 DE 42,300.00 109.200.00 DE 500.00 108.700.00 DE 6,000.00 ||||102.700.00 Dr 109,200.00 DI 112.700.00 Dr 7,500.00 | 105,200.00 DE 107,730.00 DY 128,730.00 Dr |||||158,730.00 Dr 6.850.00 | 151.880.00 Dr 179,630.00 DI 180,130.00 Dr 183,930.00 DI 1,180.00||||||182,750.00 Dr 5,300.00 177.450.001 - 22,500 00 1 54,950.00 7-23 7-25 27.750,00 500.00 3,800.00 7-27 7-27 7-31 Accounts Receivable Page Credit 7-1 Beginning Balance Debit 33,500.00 2,530.00 Balance 33,500.00 36,030.00 D 32,530.00 D- 3,500.00 2.530.00 30,000.00 30,000.00 DE 0.00 DE 3,100.00 D 20,150.00 D 3,100.00 17,050.00 7-31 Directions Trans A Chart Act GL Assets AGL Liab-Equity GL Rov-Exp Trial Bal esc 20: F 5 DelvaGuy-ACP Review View Home Draw Page Layout Formulas A- A Data - Wrap Text Insert Cut LG Capy " 3 Format x Merge & Center $ . % * Conditie Format Daste H69 fx 800 Account # 110 Supplies Credit Balance 7-1 Beginning Balance Debit 4,375.00 21,000.00 1,180.00 4,375.00 Dr 25,375.00 DE 26,555.00 Dr 25,925.00 Dr 630.00 Account # 150 Credit Balance 48,000.00 DE 90,300.00 DA 7-1 Debit 48,000.00 42,300.00 Beginning Balance Account # 155 Accumulated Depreciation Debit 7-1 Beginning Balance Credit RAL 18,000.00 LINN800.00 Balance 18.000.000 18,800.00 C 7:31 cons Trans C hart Accts Journal GL Assets Gu Liab-Equity AGL Rev-E Trial Bal esc 2013 DelvaGuy-ACP 7 Draw Formulas Page Layout Data View Review Wrap Text * H 5 6 Home Insert Cut Le Copy " Format G48 x Merge & Center Conditional Formatting a Paste fc 22500 typing in the amounts. Do NOT copy cells from the General Journal into the accounts. Account # 200 Accounts Payable 2019 Month-Day Journal Pago # Debit Credit 7-1 Beginning Balance 0.00 1,180.00 Balance 0.00 Cr -1,180.00 Dr -505.00 Dr 675.00 CM 7-27 7-17 675.00 1,180.00 7-15 Account # 205 Wages Payable 2019 Journal Page Debit 7-1 Beginning Balance Credit 0.00 2,425.00 Balance 0.00 Cr 2,425.00 Cr Account # 210 Interest Payable Journal Page Debit 2019 Month-Day 7-1 7-31 Beginning Balance Credit 0.00 740.00 Balance 0.00 Cr 740.00 Cr Account # 215 Unearned Revenue Journal Pago Debit 2019 Month-Day 7-1 7-25 7-31 Beginning Balance Credit 8,000.00 27,750.00 Balance 8,000.00 Cr 35,750.00 C 27,750.00 Cr 8,000.00 Directions Trans A Chart Acots Journal AGL Assets GL Liab-Equity GL Rev-Exp o Trial Bal AIS esc 0: 30 F3 52 DelvaGuy-ACP View Data = Review = Wrap Text @SU- Home Insert Draw Page Layout Formulas I. Xcut AH AH LG copy " BIU SUA Format G48 x fx 22500 Account # 220 Dividends Payable Merge & Center Conditional Form Formatting as Ta Paste Journal Page 7 Debit Credit 2019 Month-Day 7-1 7-5 7-31 0.00 Beginning Balance Balance 0.00 C 22,500.00 C 0.00 CM 22,500.00 22,500.00 Account # 250 Note Payable 2019 Journal Page Balance 0.00 CE 35,000.00 Beginning Balance Credit 0.00 35,000.00 7-1 7-1 Account # 300 Common Stock Journal Debit 2019 Month-Day 7-1 7-1 Beginning Balance Credit 50,000.00 78,250.00 Balance 50,000.00 C 128,250.00 Cr Account # 305 Retained Earnings 2019 Month-Day 7-1 Journal Page Debit Credit 48,125.00 Beginning Balance Balance 48,125.00 C 25,625.00 C 22,500.00 Directions Trans Chart Accts JournaA GLASBA GL Liab-Equity AGL Rev-Exp Trial Bal IS & esc 30: 20: F 52 DelvaGuy-ACP Home Draw Page Layout Data View Insert X Cut LS Copy - Format Formulas A- A Review 9 = 5 Wrap Text Paste - Morge & Center - $ % 2 Conditional Formatting conditional H81 Account # 505 Mower Repair Expense Journal Page # Credit 2019 Month-Day 7-1 7-17 Beginning Balance Debit 0.00 675.00 Balance 0.00 Dr 675.00 Dr Account # 510 Wages Expense 2019 lonth-Day 7-1 Pago # Credit Balance Beginning Balance 7-7 7-14 7-21 7-28 7-31 Debit 0.00 6,000.00 7,500.00 6,850.00 5,300.00 2,425.00 0.00 Dr 6,000.00 Dr 13,500.00 Dr 20,350.00 Dr 25,650.00 Dr 28,075.00. Dr Account # 515 Truck Rental Expense Pago Credit Balance 2019 Month-Day 7-1 7-1 Beginning Balance Debit 0.001 500.00 0.00 Dr 500.00 Dr Arrunt 520 Directions Denreciation Exnens Trans Journal AGL Assets AGL Lieb-Equity AGL Rev-Exp Trial Bal AIS & 2 DelvaGuy-ACP Home Draw Review View Page Layout Formulas A- A ULLAH Data = = = Insert Cut Copy Format A Wrap Text Paste Merge & Center $ Conditional F Formatting as H81 fx Account # 520 Depreciation Expense Journal Page # Credit 2019 Month-Day 7-1 7-31 Beginning Balance Debit 0.00 800.00 Balance 0.00 Dr 800.00 Dr Account # 550 Interest Expense Page Credit Balance 2019 Month-Day 7-1 7-31 Beginning Balance Debit 0.00 740.00L 0.00 Dr 740.00 Dr Directions Trans Chart Accts Journal AGL Assets GL Liab-Equity GL Rev-Exp Trial Bal S&S 55 2 DelvaGuy-ACP Review View Home Insert Lo Cut Format F18 x Draw Page Layout Formulas A - A BIL A for 25625 Data = Wrap Text = = Morge & Center - Lenny's - July 31, 2019 Pre-Closing Trial Balance Account Name Credit Account 100 105 110 CAUTION Enter amounts into the Pre-Closing Trial Balanc typing in the amounts. Debit 154,950.00 20,150.00 25,925.00 90,300.00 Do NOT copy cells from the General Ledger. 150 155 200 205 210 215 220 250 300 305 400 500 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Uneamed Revenue Dividends Payable Note Payable Common Stock Retained Earnings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Derne Depreciation Expense Interest Expense Totals 18,800.00 675.00 2,425.00 740.00 27.750.00 0.00 35,000.00 128,250.00 25,625.00 37,680.00 505 510 515 520 630.00 675.00 28,075.00 500.00 800.00 550 740.00 322,745.00 276,945.00 PS Chart Acots GL Assets GL Liab-Equity GGL Rov-Exp Trial 20 F3 DelvaGuy ACP View Wan Text Home Insert Draw Page Layout Formulas Data Review Xcut BLUE LA SUA EES) D9Xfx Copy Format 3 C) Morgo a cantar s Paste , scandalong Farmers can meet Lenny's Lawn Service, Inc. Income Statement for the Month Ended July 31, 2019 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 Mower Repair Wages Truck Rental Depreciation Total Operating Expenses Income from Operations Interest Expense Net Income 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, 2019 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 Eamings from July 1, 2019 to July 31, 2019. Note that the Retained Earnings column on the statement looks different than the calculation you have been doing each month to determine the Retained Eamings 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 la deduction) in the Retained Earnings column Common Stock Retained Earnings Total $0.00 0.00 Beginning Balance July 1, 2019 Issue Common Stock Net Income Dividends Ending Balance July 31, 2019 0.00 0.00 $0.00 The Ending Balance in the Retained Earrings column is the balance needed for the Balance Sheet $0.00 $0.00 ctions Tra IS & SEquity Batsht tab DelvaGuy-ACP DrawPage Layout Review View Home Insert A X Cut to Copy Paste Format D9 A v Formulas AA A Data = E = > Wrap Testi Morge Center = = = $ % ) Condi B fare Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2019 CALLION 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 Note the following three new sub-totals appearing on Lenny's Balance Sheet: Current Assets Cash Accounts Receivable Supplies Total Current Assets Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net Total Assets 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. S0.00 Property & Equipment, not is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods Total Current Liabilities is a total of those labilities that will require payment in the next 12 months. In the case of Unearned Revenue, this current ability will be paid off by Lenny's delivering mowing services to the university Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Urearned Ravenue Total Current Liabilities Long Term Liabilities: Nota Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0.00 $0.00 - Journal al Acets des Euty A GLA DelvaGuy-ACP Draw Page Layout View Home 1. Insert Out Copy Format : x Formulas Data Review A A = - AD EEE3 to wrap Test Morge & Center S. % ) Condition BIUD x E6 Guy R. Daiva Lenny's - July 31, 2019 Post-Closing Trial Balance Debit Credit CAUTION Enter amounts into the Post Closing Trial Balance by typing in the amounts. Account 100 105 110 Account Name Cash Accounts Receivable Supplies Do NOT copy cells from the General Ledger. 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Uneamed Revenue Dividends Payable Note Pavable Common Stock Retained Eamings Service Revenue Supplies Expanse Mower Repal Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 570 550 ab-Equity GL Rov-Exp T ral 18 & S
