Lark Landscaping started operations on Jan 1, 2020 Complete the required Journal Entries for the following Transactions that occurred during the year Jan 1 John Lark starts a business and invests $50,000 cash in the business Jan 1 Purchased lawn equipment for $12,000 Paid cash Jan 1 Paid for a 2 year insurance policy for $24,000 Feb 20 Completed and billed $20,000 00 worth of services to Jay Gee Services Feb 20 Paid salary expense of $5,000 to workers Paid in cash (ignore payroll taxes) April 10 Purchased $5,000 of supplies on credit May 18 Owner took $1,000 00 cash out of the business May 20 Paid 1,000 in advertising Paid in cash May 21 Jay Gee Paid 15,000 of their account balance from Feb 20 th work June 1 Lark paid the $5,000 due for the purchase of supplies on April 10 th June 15 Jay Gee paid the remaining $5,000 balance due to Lark October 8 Completed and billed $18,000 of lawn services to Halies Harpcade October 18 Paid $8,0000 in salaries to workers (ignore payroll taxes) Nov 12 Completed and billed 5,000 in services to Carport Services Dec 18 Equipment was serviced as a cost of $4,000 Was paid on credit Dec 30 Billed and collected $6,000 in cash for services performed at PJ lagoon Complete the following Adjusting Entries for Lark Landscaping on 12 31 20 Adjust, as needed, the 2 year insurance that was paid for on Jan 1 Record Depreciation for the lawn equipment based on straight line depreciation Assume a $2,000 residual value, and a 4 year life The value of supplies on hand was $3,000 on 12 31 20 Lark completed $1,000 worth of services on 12 30, which had not yet been recorded Lark will collect the cash in 2021, but the revenue is fully earned in 2020 Compete an Adjusted Trial Balance as of 12 31 2020 (HINT on a separate piece of paper that does not need to be handed in, make t accounts and post each entry in 1 and 2 above Then determine the balance on each account With that, you can create an adjusted trial balance) Complete an Income statement, statement of Retained Earning and Balance Sheet based on the Adjusted Trial Balance Sheet Completed in 3 for Lark Landscaping for 2020 Please use proper format, including proper headings, titles, dates, etc (optional) Complete ALL closing entries that are required Q 1) COMPLETE ALL STEPS 1) Lark Landscaping started operations on Jan 1, 2020 Complete the required Journal Entries for the following Transactions that occurred during the year Jan 1 John Lark starts a business and invests $50,000 cash in the business Jan 1 Purchased lawn equipment for $12,000 Paid cash Jan 1 Paid for a 2 year insurance policy for $24,000 Feb 20 Completed and billed $20,000 00 worth of services to Jay Gee Services Feb 20 Paid salary expense of $5,000 to workers Paid in cash (ignore payroll taxes) April 10 Purchased $5,000 of supplies on credit May 18 Owner took $1,000 00 cash out of the business May 20 Paid 1,000 in advertising Paid in cash May 21 Jay Gee Paid 15,000 of their account balance from Feb 20th work June 1 Lark paid the $5,000 due for the purchase of supplies on April 10th June 15 Jay Gee paid the remaining $5,000 balance due to Lark October 8 Completed and billed $18,000 of lawn services to Halie's Harrcade October 18 Paid $8,0000 in salaries to workers (ignore payroll taxes) Nov 12 Completed and billed 5,000 in services to Carport Services Dec 18 Equipment was serviced as a cost of $4,000 Was paid on credit Dec 30 Billed and collected $6,000 in cash for services performed at PJ lagoon 2) Complete the following Adjusting Entries for Lark Landscaping on 12 31 20 Adjust, as needed, the 2 year insurance that was paid for on Jan 1 Record Depreciation for the lawn equipment based on straight line depreciation Assume a $2,000 residual value, and a 4 year life The value of supplies on hand was $3,000 on 12 31 20 Lark completed $1,000 worth of services on 12 30, which had not yet been recorded Lark will collect the cash in 2021, but the revenue is fully earned in 2020 3) Compete an Adjusted Trial Balance as of 12 31 2020 (HINT on a separate piece of paper that does not need to be handed in, make t accounts and post each entry in 1 and 2 above Then determine the balance on each account With that, you can create an adjusted trial balance) 4) Complete an Income statement, statement of Retained Earning and Balance Sheet based on the Adjusted Trial Balance Sheet Completed in 3 for Lark Landscaping for 2020 Please use proper format, including proper headings, titles, dates, etc 5) (Optional Good Practice) Complete ALL closing entries that are required

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 12, 2024

Lark Landscaping started operations on Jan 1, 2020. Complete the required Journal Entries for the following Transactions that occurred during the year. Jan 1 John

Lark Landscaping started operations on Jan 1, 2020. Complete the required Journal Entries for the following Transactions that occurred during the year.

Jan 1 John Lark starts a business and invests $50,000 cash in the business.
Jan 1 Purchased lawn equipment for $12,000. Paid cash.
Jan 1 Paid for a 2 year insurance policy for $24,000.
Feb 20 Completed and billed $20,000.00 worth of services to Jay Gee Services.
Feb 20 Paid salary expense of $5,000 to workers. Paid in cash (ignore payroll taxes)
April 10 Purchased $5,000 of supplies on credit.
May 18 - Owner took $1,000.00 cash out of the business.
May 20 Paid 1,000 in advertising. Paid in cash.
May 21 Jay Gee Paid 15,000 of their account balance from Feb 20^th work.
June 1 Lark paid the $5,000 due for the purchase of supplies on April 10^th.
June 15 Jay Gee paid the remaining $5,000 balance due to Lark
October 8 - Completed and billed $18,000 of lawn services to Halies Harpcade
October 18 Paid $8,0000 in salaries to workers (ignore payroll taxes)
Nov 12 - Completed and billed 5,000 in services to Carport Services.
Dec 18 Equipment was serviced as a cost of $4,000. Was paid on credit.
Dec 30 Billed and collected $6,000 in cash for services performed at PJ lagoon.

Complete the following Adjusting Entries for Lark Landscaping on 12/31/20.
- Adjust, as needed, the 2 year insurance that was paid for on Jan 1.
- Record Depreciation for the lawn equipment based on straight line depreciation. Assume a $2,000 residual value, and a 4 year life.
- The value of supplies on hand was $3,000 on 12/31/20.
- Lark completed $1,000 worth of services on 12/30, which had not yet been recorded. Lark will collect the cash in 2021, but the revenue is fully earned in 2020.

Compete an Adjusted Trial Balance as of 12/31/2020 (HINT - on a separate piece of paper that does not need to be handed in, make t accounts and post each entry in #1 and #2 above. Then determine the balance on each account With that, you can create an adjusted trial balance)

Complete an Income statement, statement of Retained Earning and Balance Sheet based on the Adjusted Trial Balance Sheet Completed in # 3 for Lark Landscaping for 2020. Please use proper format, including proper headings, titles, dates, etc.

(optional) Complete ALL closing entries that are required.

Q.1) COMPLETE ALL STEPS 1) Lark Landscaping started operations on Jan 1, 2020. Complete the required Journal Entries for the following Transactions that occurred during the year. . . Jan 1 - John Lark starts a business and invests $50,000 cash in the business. Jan 1 - Purchased lawn equipment for $12,000. Paid cash. Jan 1 - Paid for a 2 year insurance policy for $24,000. Feb 20 - Completed and billed $20,000.00 worth of services to Jay Gee Services. Feb 20-Paid salary expense of $5,000 to workers. Paid in cash (ignore payroll taxes) April 10 - Purchased $5,000 of supplies on credit. May 18 - Owner took $1,000.00 cash out of the business. May 20 - Paid 1,000 in advertising. Paid in cash. May 21 - Jay Gee Paid 15,000 of their account balance from Feb 20th work. June 1 - Lark paid the $5,000 due for the purchase of supplies on April 10th June 15 - Jay Gee paid the remaining $5,000 balance due to Lark October 8 - Completed and billed $18,000 of lawn services to Halie's Harrcade October 18 - Paid $8,0000 in salaries to workers (ignore payroll taxes) Nov 12 - Completed and billed 5,000 in services to Carport Services. Dec 18 - Equipment was serviced as a cost of $4,000. Was paid on credit. Dec 30 - Billed and collected $6,000 in cash for services performed at PJ lagoon. . . . . 2) Complete the following Adjusting Entries for Lark Landscaping on 12/31/20. Adjust, as needed, the 2 year insurance that was paid for on Jan 1. Record Depreciation for the lawn equipment based on straight line depreciation. Assume a $2,000 residual value, and a 4 year life. The value of supplies on hand was $3,000 on 12/31/20. Lark completed $1,000 worth of services on 12/30, which had not yet been recorded. Lark will collect the cash in 2021, but the revenue is fully earned in 2020. . . 3) Compete an Adjusted Trial Balance as of 12/31/2020 (HINT - on a separate piece of paper that does not need to be handed in, make "t" accounts and post each entry in #1 and #2 above. Then determine the balance on each account - With that, you can create an adjusted trial balance) 4) Complete an Income statement, statement of Retained Earning and Balance Sheet based on the Adjusted Trial Balance Sheet Completed in # 3 for Lark Landscaping for 2020. Please use proper format, including proper headings, titles, dates, etc. 5) (Optional/ Good Practice)- Complete ALL closing entries that are required