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 Journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger) July 1 Receive $79,300.00 cash from new investors, and issue $79,300.00 of Common Stock to them, July 1 Purchase $60,300.00 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 $7,155.00 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 $30,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $5,900.00 for work performed during the 1st week of July 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 $1,825.00 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 $7,155.00 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 $905.00. 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 July 21 Pay the employees $7,500.00 for work performed during the 3rd week of July July 23 Receive a $28 275.00 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 56,500.00 The golf course pays $1,000.00 cash on this date and will pay the remainder on August 25 Directions Trans Chart Acts Journal GL Liab-Equity GL Rev Exp Trial Bal IS & SEQU + GL Assets July 27 Complete a mowing job for a new customer-customer pays $3,725,00 cash for the job July 27 Pay S1,825.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $6,890.00 for work performed during the 4th week of July July 31 Invoice the property management company $24,050.00 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. NA Lenny's Lawn Service, Inc. - General Journal Page 3 Posted Debit Credit 2021 Account Account Name Month Day Number 7-27 100 Cash 400 Service Revenue Record Service Provided 3,725.00 3,725 00 7-27 200 100 Account Payable Cash Record Cash Paymento on Account X XX 1825.00 1.825.00 7-28 510 100 Wages Expenses Cash Payment of Wages Expenses X 6,890.00 6.890.00 7-31 24.050.00 105 400 Account Receivable Service Revenue Record Service Provided on Account X X 24,050.00 TA DO Directions Trans Aasaanna Lab- Chart Acts Journal GL Assets Post Close TB GL RevE Trials 15 & SEQUE 7-31 220 100 Dividend Payable Cash Record Payment of Cash Dividend X 30,000.00 30,000.00 7-31 520 155 Depreciation Accumulate Depreciation Equipment Record depreciation Expense XX 7-31 500 110 Supplies Expense Supplies Record supplies consumed X 7-31 215 400 Uneamed Revenue Service Revenge Record Service Earned + 7-31 510 205 Wages Expenses Wages Payable Record Accrual of Wages Expenses Directions Chart A Journal GRE Trul IS & SEquity Balsht Post Close TH Styles H115 Cells Lenny's Lawn Service, Inc. - General Journal Page 4 Posted Debit Credit al 2021 Account Month-Day Number Account Name 7-31 520 Interest Expenses 210 Interest Payable Record Accrual of Interest Expenses X 7-31 400 305 Service Revenue Retained Emnings Record the entry to Close Revenue se 7.31 X + 305 500 505 510 515 520 550 Retained Earings Supplies expense Mower Repair Expense Wages Expense Truck rental Expense Depreciation Expense Interest Expense Record The Entry To Close Expenses a x X X Drections Chart Jumal Gets EU Trial RSS ASEPATH 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 Journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger) July 1 Receive $79,300.00 cash from new investors, and issue $79,300.00 of Common Stock to them, July 1 Purchase $60,300.00 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 $7,155.00 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 $30,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $5,900.00 for work performed during the 1st week of July 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 $1,825.00 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 $7,155.00 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 $905.00. 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 July 21 Pay the employees $7,500.00 for work performed during the 3rd week of July July 23 Receive a $28 275.00 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 56,500.00 The golf course pays $1,000.00 cash on this date and will pay the remainder on August 25 Directions Trans Chart Acts Journal GL Liab-Equity GL Rev Exp Trial Bal IS & SEQU + GL Assets July 27 Complete a mowing job for a new customer-customer pays $3,725,00 cash for the job July 27 Pay S1,825.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $6,890.00 for work performed during the 4th week of July July 31 Invoice the property management company $24,050.00 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. NA Lenny's Lawn Service, Inc. - General Journal Page 3 Posted Debit Credit 2021 Account Account Name Month Day Number 7-27 100 Cash 400 Service Revenue Record Service Provided 3,725.00 3,725 00 7-27 200 100 Account Payable Cash Record Cash Paymento on Account X XX 1825.00 1.825.00 7-28 510 100 Wages Expenses Cash Payment of Wages Expenses X 6,890.00 6.890.00 7-31 24.050.00 105 400 Account Receivable Service Revenue Record Service Provided on Account X X 24,050.00 TA DO Directions Trans Aasaanna Lab- Chart Acts Journal GL Assets Post Close TB GL RevE Trials 15 & SEQUE 7-31 220 100 Dividend Payable Cash Record Payment of Cash Dividend X 30,000.00 30,000.00 7-31 520 155 Depreciation Accumulate Depreciation Equipment Record depreciation Expense XX 7-31 500 110 Supplies Expense Supplies Record supplies consumed X 7-31 215 400 Uneamed Revenue Service Revenge Record Service Earned + 7-31 510 205 Wages Expenses Wages Payable Record Accrual of Wages Expenses Directions Chart A Journal GRE Trul IS & SEquity Balsht Post Close TH Styles H115 Cells Lenny's Lawn Service, Inc. - General Journal Page 4 Posted Debit Credit al 2021 Account Month-Day Number Account Name 7-31 520 Interest Expenses 210 Interest Payable Record Accrual of Interest Expenses X 7-31 400 305 Service Revenue Retained Emnings Record the entry to Close Revenue se 7.31 X + 305 500 505 510 515 520 550 Retained Earings Supplies expense Mower Repair Expense Wages Expense Truck rental Expense Depreciation Expense Interest Expense Record The Entry To Close Expenses a x X X Drections Chart Jumal Gets EU Trial RSS ASEPATH