July 31 Invoice the property management company $19,900.00 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 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 depreciated for the month of July The estimated useful ide of the new equipment is 5 years - Al 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 524,000.00 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 on Pages 95 and 98 in the Solid Footing text (PDF 08. Adjusting Entries Continued) Wages Due the Employees. The last wage payment was made to the employees on July 20, 2021 The employees worked on July 29, 30, and 31 For these three days of work the employees earned $2,625.00 of wages These three days of wages will be paid to the workers during the first week of August Bank Loans The worst on the loan from 1st Bank will be paid every three months. The first interest payment to the bank will be made on September 30, 2021. Lennys calls the bank on July 31 and the bun indicates that the interest on the loan for July is 5060,00 Trallal Post Close To OL Equity is & Equity GL Rev EMP Journal Trans OL Assets Dictions Chat ACCI 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. (As an example of how to joumalize and post a transaction this transaction has already been entered Into the General Journal and posted to the General Ledge July 1 Receive $68,700.00 cash from new investors, and issue $68,700.00 of Common Stock to them July 1 Purchase $44,700.00 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 $5,130.00 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 $25,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31 July 7 Pay the employees $5,800.00 for work performed during the 1st week of July July 10 Complete a mowing job for a new customet customer pays 54 200,00 cash for the job July 12 Collect $3,600.00 cash from the golf course for special cush mowing job completed on May 31 July 14 Pay the employees $7,000.00 for work performed during the 2nd woek of July July 15 Purchase $1,020,00 of supplies from the mower dealet. The supplies are consumed immediately Lenny's will pay the mower dealer for the supplies in about 2 weeks July 15 Collect $5,130.00 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 ropaired by the mower dealet. The cost of the Mower Repair job is $575.00 Lenny's will pay the mower dealer in 30 days July 19 Purchase for cash $22.750.00 of supplies. These supplies will be consumed over the next 12 months July 20 Collect 530,000.00 from the property management company for work performed in June 0 July 21 Pay the employees $7 100 00 for work performed during the 3rd week of July. Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev.Exp Trial Bal IS & SEquity Balshe Post Clos Tables Illustrations Add-ins fx Account # 100 Cash Do NOT copy ce General Journal accounts Journal Page Credit Balance 2021 Month-Day 7-1 Beginning Balance 7-1 Debit 38,250.00 35,000.00 38,250.00 Dr 73,250.00 DI Account # 105 Accounts Receivable 2021 Month-Day 7-1 Beginning Balance Journal Page 3 Credit Debit 33,500.00 Balance 33,500.00 D GL Assets journal Start Acces 15 & SEquity GL Rev Exp Trial al G Lab Equity 2021 Month-Day 7-1 Journal Page # Debit Credit Balance Beginning Balance 33,500.00 33,500.00 DE Account # 110 Supplies 2021 Month-Day 7-1 Beginning Balance Journal Page # Debit Credit Balance 4,375.00 4,375.00 DE Account # 150 Equipment Journal Page # Debit 2021 Month-Day 7-1 Credit Balance Beginning Balance 48,000.00 48,000.00 DE Account # 155 Accumulated Depreciation 2021 Month Day 7-1 Journal Page Debit Credit Beginning Balance Balance 18,000.00 CH 18,000 00 Directions Trans Chart Acces Journal GL Assets GL Lab Equity GL RevExp Trial Bal IS & SEU Read