journal transactions and adjusments

July 2017 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 Journal and posted to the General Ledger.) July 1 Receive $62,500.00 cash from new investors, and issue $62,500.00 of Common Stock to them July 1 Purchase $36,300.00 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 $2,955.00 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 $28,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31 July 7 Pay the employees $6,500.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer customer pays $890.00 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 $5,000.00 for work performed during the 2nd week of July. July 15 Purchase $910.00 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