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I need help, I feel like I've got it, but if I mess one thing up, I mess the whole thing up. Thank you! B&L

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I need help, I feel like I've got it, but if I mess one thing up, I mess the whole thing up. Thank you!

image text in transcribed B&L Landscapes, Inc. Mini Practice Part 2 Bill Graham and Larry Miller incorporated B&L Landscapes, Inc. on July 1, 2014. The business consists of lawn care and sprinkler system installations. In addition, they also sell two types of fertilizer. Bill and Larry are concerned about ensuring a steady supply of high-quality PVC pipe for the sprinkler installations jobs they do and have come up with a plan to issue bonds to several of their family members. These funds will enable them to acquire a significant portion of the stock of a local PVC manufacturer. At the end of July, 2015, the company has the following adjusted trial balance: B&L Landscapes, Inc. Adjusted Trial Balance July 31, 2015 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Inventory Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable Preferred Stock Common Stock Retained Earnings Total DEBIT $ 47,750 9,500 CREDIT 400 1,700 59,000 8,000 25,000 1,350 42,500 $193,450 7,500 11,500 45,000 5,000 30,000 92,700 $193,450 Not included in the adjusted trial balance are the following transactions that occur on July 31, 2015. 1. B&L Landscapes, Inc. issued $20,000 worth of 5%, 10 year bonds at face value. 2. B&L Landscapes, Inc. purchased 30% of the outstanding common stock of Crestline Pipe, Inc. for $40,000 Instructions: 1. Using the chart of accounts provided below, and the Excel template provided with this assignment, prepare journal entries, in good form, to record the issuance of bonds and the investment transactions. Start with Page 3 of the General Journal. Explanations are optional. Round all journal entries to two decimal places. 2. Post the entries to the general ledger provided. You only need to create ledgers for the accounts in Part 1. Record any existing account balances as beginning balances using the values from the adjusted trial balance. 3. Prepare a classified balance sheet for B&L Landscapes, Inc. for July 31, 2015. 4. On December 15, 2015, Crestline Pipe, Inc. pays a $2,000 dividend. Prepare the journal entry, in good form, to record B&L's receipt of their share of the dividend. Record this on Page 4 of the General Journal. Explanations are optional. 5. Crestline Pipe, Inc. reports total net income of $11,500 for the year ending December 31, 2015. 6. Record the necessary adjusting journal entries for B&L Landscapes, Inc. investments and bonds on Page 5 of the General Journal. Explanations are optional. Classification ASSETS LIABILITIES STOCKHOLDERS' EQUITY REVENUES COST OF GOODS SOLD EXPENSES B&L Landscapes, Incorporated Chart of Accounts Account Account Name Number 101 Cash 110 Accounts Receivable 112 Allowance for Doubtful Accounts 115 Notes Receivable 116 Interest Receivable 120 Supplies 130 Prepaid Insurance 140 Inventory 145 Stock Investments 150 Land 152 Building 153 Equipment 155 Accumulated Depreciation - Building 156 Accumulated Depreciation - Equipment 201 Accounts Payable 220 Notes Payable 225 Interest Payable 250 Bonds Payable 280 Dividend's Payable 301 Common Stock 310 330 350 401 410 415 420 450 501 505 620 630 640 650 65 660 670 680 690 Preferred Stock Cash Dividends Retained Earnings Lawn Service Revenue Sales Revenue Sales Returns and Allowances Interest Income Revenue from Stock Investments Purchases Purchase Returns and Allowances Supplies Expense Fuel Expense Repair and Maintenance Expense Advertising Expense Organization Expense Insurance Expense Depreciation Expense Interest Expense Bad Debt Expense GENERAL JOURNAL DATE DESCRIPTION Page POST. REF. DEBIT GENERAL JOURNAL DATE DESCRIPTION Page POST. REF. DEBIT GENERAL JOURNAL DATE DESCRIPTION 10/07/2016 CREDIT CREDIT Page POST. REF. DEBIT CREDIT ACC122 Accounting Principles II GENERAL LEDGER ACCOUNT ACCOUNT NO. POST DATE DESCRIPTION REF. BALANCE DEBIT CREDIT ACCOUNT DESCRIPTION REF. BALANCE DEBIT CREDIT ACCOUNT Debit Credit ACCOUNT NO. POST DATE Credit ACCOUNT NO. POST DATE Debit DESCRIPTION REF. BALANCE DEBIT CREDIT Debit Credit ACC122 Accounting Principles II B&L LANDSCAPES, INC. BALANCE SHEET July 31, 2015 Assets Cash Accounts Receivable Less: Allowance for doubtful accounts Prepaid Insurance Inventory Stock Investments Total Current Assets Land Building Less: Accumulated Depreciation Equipment Less: Accumulated Depreciation Total Assets Liabilities and Stockholders Equity Current Liabilites Accounts payable Long term Liabilites Note Payable Bonds Payable Total Liabilites Stockholder's Equity Preferred stock Common Stock Retained Earnings Total Liabilities and Stockholders Equity

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