Instructions: You will be recording the July 2023 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 2023 transactions and Additional Information - Trans tab Chart of Accounts with Account Numbers and Account Names - Chart Accts tab General Joumal pages - Journal tab General Ledger - GL Assets, GL Liab-Equity, GL Rev-Exp tabs Forms for the July 31, 2023: Pre-Closing Trial Balance (Trial Bal tab), Income Statement and Calculation of Retained Earnings (IS \& RE tab), Balance Sheet (BaISht 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 sheets - do not use another student's sheets Print the Chart of Accounts (click the Chart Accts tab and then click the Printer lcon) 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 Lenny's Lawn Service, Inc. - Transactions - Additional Information 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 Joumal and posted to the General Ledger.) July 1 Receive $68,700.00 cash from new investors, and issue $68,700.00 of Common Stock to them. July 1 Purchase $72,900.00 of new mowing equipment, paying cash to the mower dealer. July 1 Pay $500.00 cash for the July truck rental. July 3 Inwoice a new customer $5,070.00 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 $32,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $5,650,00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer - customer pays $6.800.00 cash for the job. Lenny's Lawn Service, Inc. - Chart of Accounts Account \# Account Name \begin{tabular}{|l|l|} \cline { 2 - 2 } & Assets: \\ \hline 100 & Cash \\ \hline 105 & Accounts Receivable \\ \hline 110 & Supplies \\ \hline 150 & Equipment \\ \hline 155 & Accumulated Depreciation \\ \hline & Liabilities: \\ \hline 200 & Accounts Payable \\ \hline 205 & Wages Payable \\ \hline 210 & Interest Payable \\ \hline 215 & Unearned Revenue \\ \hline 220 & Dividends Payable \\ \hline 250 & Note Payable \\ \hline & Equity: \\ \hline 300 & Common Stock \\ \hline 305 & Retained Earnings \\ \hline & Revenues: \\ \hline 400 & Service Revenue \\ \hline & Expenses: \\ \hline 500 & Supplies Expense \\ \hline 505 & Mower Repair Expense \\ \hline 510 & Wages Expense \\ \hline 515 & Truck Rental Expense \\ \hline 520 & Depreciation Expense \\ \hline 550 & Interest Expense \\ \hline & \\ \hline \end{tabular} Directions Trans Chart Accts Lenny's Lawn Service, Inc. - General Journal Lenny's Lawn Service, Inc. - General Ledger Lenny's Lawn Service, Inc. - General Ledger Naricela Colan Lenny's Lawn Service, Inc. - General Ledger C.AHTIOA Enter amounts into the accounts by typing in the amounis Do MaIT copy cells fiom the General doumal into the accounts BaShit Lenny's - July 31, 2023 Pre-Closing Trial Balance Enter amounts inte the Financial Statementa by typing in the amounts. Bo NOT copy celts from the General Ledger of Pre-Closing Trial Baiance. Note the new lne Itm on Lenny/s income Statement Income from Operations. This is Lenny's income trom the normal operabons of the lawn mowhy business. Interest Expense, which is not a cost of operating the busness but rather a cost of financing the business, is shown bebw income from Operatons Interest Expense is subtracted from hoome from Operations to arrive at Net income The is the frit 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, 2023 to July 31, 2023. Note that the Retsned Earnings column en the statement looks different than the calculation you have been doing eoch month to determine the ftetained Earniags amount needed for the Balance sheet. Beginning Balance is the starting amount. In prevous Retained Earniags calculations, you used Current Ealance as the starting ameunt. Beginning Elance is the starting point for this calculation, because Dividends is shown as a line item (a deduction) in the Retained Earnings column below hooma from Operations interest Expense is subtracted from income from Operations to arrive at Net income. This is the first trme you have prepored 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, 2023 to July 31, 2023. 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 Balunce Sheet. Beginning Balance is the starting amount. In previous Retained Eamings calcuistions, 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 colum. The Ending Balance in the Retained Earnings column is the balsice needed for the Balance Sheet. Hote fie folconty three not sib-lokis appealig on tuthy b balance She of Teeal Current Aaseta is a batai of thwse assets. Which wi tuen info sash durva the ned 12 months or be contumed durng the neit 12 manths. The compariben of Total Cunent A ssels is Tatar Current Liabloes glvet some neicatice of Lenmys mquidty = bat is, is abcty to pay iti bels in the shot-trim Property \& Equipment, net is the ameunt of Fixed Aroperty \& Equipment which remaint to be depetciated in future ateouring periqds Todal current Liabilties is a total of those lables of that vit requile sayment in the next 12 months in the case of Uneamed Revenue, this curtest sabily was bo paideff by Leamy's delleting mowing services to the universiy. Note the following three nere sub-totals appearing on Lenmy't Balarce sheet: Total Current Aasets is a tolal of those assets. which wel tum into canh during the next 12 monten or be consumed during the nent 12 months The eomparten of Total Curent Assets to Total Curent Liabilites gives some indicaloe of Lennys iquidity that is, is abity to pay its bifs in the shord term Property \& Equipreent, net is the amount of foued Asset cost, which remains to be deprecisted in fufare acceviting periods. Total Curretit Liabilibes is a totat of those labines that will require payment in the pood 12 months. In the case of Ureamed Ravenue, this current liabilty will be "paid-ert by Lenmy's delverng mowing aervices to the universty. E6 fx Bivince by typing in the monecth De wor copr aeds tum tha Germal telaer