It has to have this format!
As the recently appointed Controller of Lynbrook Construction, Inc., a small construction business you have been asked to prepare the trial balance as of September 30, 2020. The following is the Trial Balance at August 31, 2020 Lynbrook, Construction Inc. Trial Balance August 31, 2020 Accounts Receivable 52,000 27,000 40.000 75,000 Buildings Accounts Payable Note Payablelong Common Stock Retained Earnings 50.000 100,000 194.000 The following transactions took place during September 2020 Dale Transaction 9.2 Lynbrook issued an additional 10,000 shares of common stock in exchange for 550.000 cash. Purchased a truck for $60,000. Made a $6,000 cash down payment and issued a note payable, due in 7 years, for the remaining balance. 9.5 Repairs and maintenance of $5,000 were incurred and paid. Completed a construction project and billed customers $35.000 Wages of $7.000 were paid in cash 9. 19 Collected $20,000 from a customer for a project completed and billed last month. Lynbrook paid interest payable of $500 9.30 Completed a major project and billed the customer $65.000 Advertising expense of $2,000 was incurred and paid 9.30 Received a $1.000 bill for fuel used in September. The entire amount is due by Oct. 9.15 (continued Lynbrook purchased a new piece of construction equipment for $40,000. It paid $5.000 and took out a Notes Payable for the balance to be repaid over 5 years. 9.30 Declared a $2.000 dividend payable on Nov. 1. 2020. Required a. Prepare joumal entries for each transaction. Use the format included in the Review Problem Solution, page 90-93 of your text (analyze the impact of each transaction on the balance sheet equation as well as the journal entry) . Posteach transaction to the scpropriate ledger accounts (use the account format as shown in Review Problem Solution, page 93). Note: be sure to use the balances from the 8/31/20 Trial Balance as the beginning balances in these accounts. For example, Cash has a balance of $52.000 on August 31, 2020. Therefore, the Cash accounts starts with a $52,000 balance on September 1. 2020, and you will add and subtract from that amount the transactions taking place during September c. Prepare a trial balance dated September 30, 2020 (use the Trial Balance format as shown in the Review Problem Solution, page 93). Credit Boonville Delivery Service Trial Balance December 31, 2019 Account Debit Cash $55,300 Accounts Receivable 0 Furniture 7,000 Accounts Payable Notes Payable Common Stock Dividends 5,000 Service Revenue Rent Expense 8,000 Salaries Expense 2,600 Miscellaneous Expense 1,500 $79,400 $ 1,500 25,600 32,000 20,300 $79,400 As the recently appointed Controller of Lynbrook Construction, Inc., a small construction business you have been asked to prepare the trial balance as of September 30, 2020. The following is the Trial Balance at August 31, 2020 Lynbrook, Construction Inc. Trial Balance August 31, 2020 Accounts Receivable 52,000 27,000 40.000 75,000 Buildings Accounts Payable Note Payablelong Common Stock Retained Earnings 50.000 100,000 194.000 The following transactions took place during September 2020 Dale Transaction 9.2 Lynbrook issued an additional 10,000 shares of common stock in exchange for 550.000 cash. Purchased a truck for $60,000. Made a $6,000 cash down payment and issued a note payable, due in 7 years, for the remaining balance. 9.5 Repairs and maintenance of $5,000 were incurred and paid. Completed a construction project and billed customers $35.000 Wages of $7.000 were paid in cash 9. 19 Collected $20,000 from a customer for a project completed and billed last month. Lynbrook paid interest payable of $500 9.30 Completed a major project and billed the customer $65.000 Advertising expense of $2,000 was incurred and paid 9.30 Received a $1.000 bill for fuel used in September. The entire amount is due by Oct. 9.15 (continued Lynbrook purchased a new piece of construction equipment for $40,000. It paid $5.000 and took out a Notes Payable for the balance to be repaid over 5 years. 9.30 Declared a $2.000 dividend payable on Nov. 1. 2020. Required a. Prepare joumal entries for each transaction. Use the format included in the Review Problem Solution, page 90-93 of your text (analyze the impact of each transaction on the balance sheet equation as well as the journal entry) . Posteach transaction to the scpropriate ledger accounts (use the account format as shown in Review Problem Solution, page 93). Note: be sure to use the balances from the 8/31/20 Trial Balance as the beginning balances in these accounts. For example, Cash has a balance of $52.000 on August 31, 2020. Therefore, the Cash accounts starts with a $52,000 balance on September 1. 2020, and you will add and subtract from that amount the transactions taking place during September c. Prepare a trial balance dated September 30, 2020 (use the Trial Balance format as shown in the Review Problem Solution, page 93). Credit Boonville Delivery Service Trial Balance December 31, 2019 Account Debit Cash $55,300 Accounts Receivable 0 Furniture 7,000 Accounts Payable Notes Payable Common Stock Dividends 5,000 Service Revenue Rent Expense 8,000 Salaries Expense 2,600 Miscellaneous Expense 1,500 $79,400 $ 1,500 25,600 32,000 20,300 $79,400
