Journal, GL Assets, GL Liab- Equity, GL Rev- Exp, Trial Bal, IS & SEquity, BalSht, Post Close TB

Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2021 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note (hs an example of how to Journalice and post a transaction this transaction has already been entered into me General Journal and posted to the General Ledge July 1 Receive $78.700.00 cash from new investors and issue $78 700 00 of Common Stock to tham July 1 Purchase $60,000.00 of new mowing equipment paying cash to the mower dealer July 1 Pay 5500,00 cash for the July truck rental July 3 Invoice a new customer $6.785.00 for a completed mowing job customer will pay in 10 days UDU July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $30,000.00 The Date of Record is set as July 15 The Date of Payment is set as July 31 July Pay the employees 55 900.00 for work performed during the 1st week of July July 10. Complete a mowing job for a new customer-customet pays $4250,00 cash for the job Journal Trial Bal Past Close TB Direction Trans Chart Acas GL Assets GL Rex-Exp S & SEquity Bash GL Lab Equity July 10 Complete a mowing job for a new customer - Customer pays $4,250.00 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 $7,100.00 for work performed during the 2nd week of July July 15 Purchase 51,825.00 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 56 785.00 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 2020 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $880.00 Lenny's will pay the mower dealer in 30 days July 19 Purchase for cash $26.950.00 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 D. July 21 Pay the employees $7.500.00 for work performed during the 3rd week of July July 23 Receive a $27 525 00 advance payment from the university The advance payment is for 6 months of work which will be performed from August 1 2021 to January 31, 2022 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is 56 30000 The golf course pays $1,000.00 cash on this date and will pay the remainder on August 25 Trial Bal Post Close To Bash Directions Trans Chart Accts Journal GL RED IS & SEquity GL Assets Git Equity JO July 25 Complete a special mowing job for the golf course. The total price for the mowing job is 56,300.00 The golf course pays $1,000.00 cash on this date and will pay the remainder on August 25 July 27 Complete a mowing job for a new customer -- customer pays $3,725.00 cash for the job July 27 Pay 51,825 00 cash to the mower dealer for the supplies purchased on account on July 15 July 28 Pay the employees 56,890.00 for work performed during the 4th week of July July 31 Invoice the property management company S24 250 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 Additional Information Equipment The 548.000,00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2 2020 For information related to this moving equipment ses Page 70 in the Solid Footing text (PDF 07.Intro to Adjusting Entries This guipment continues to be used and should be depreciated for the month of July The following indoration relates to the new equipment which was purchased on July 1, 2001 The new equipment was placed into senide on Joly 1 2021 and should be depreciated TA DA SE Po Close Trans mal Additional Information Equipment The 548,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2020 For information related to this mowing equipment see Page 70 in the Solid Footing text (PDF 07 - Intro to Adjusting Entries) 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 2021 The new equipment was placed into service on July 1 2021 and should be depretiated 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 $20.030 00 vapplies on-hand Mowing Service at the University. The monthly mowing service was provided to the university Der the correct tigned on April 1. 2021 For information on the contract with the university and the related adiance payments Pages 35 and 30 in the Solid Footin text PDF 08. Adusting Entries Continued Wages Due the Employees. The last wage payment was made to the employees on July 28, 2021 The employees worked on July 29 30 and 31. For these three days of work the employees and 52 345 00 of wages These the days of wages will be paid to the workers uiring the first week of August Catection Trial al Tant | | | Ch DLA NO OLE 1f The following information relates to the new equipment which was purchased on July 1, 2021 - The new equipment was placed into service on July 1, 2021 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 $28.030.00 supplies on hand Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1 2021 For information on the contract with the university and the related advance payment se Pages 95 and 99 in the Sold. Footing text PDF 08. Adusting Ente Continued Wages Due the Employees: The last wage payment was made to the employees on July 28 2021 The employees worked on July 29, 30 and 31 For these three days of work the employees samed 52 345.00 of wages These three days of wages will be paid to the worlars during the first week of August Bank Loan The Wrest on the loan from 1st Bank will be paid everythree months. The first interest payment to the bank will be made on September 30, 2021 Lenny calls the bank on July 31 and the han indicates that the interest on the loan for July is $125.00 Posts Gili ASE Journal CH Tran