Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2021 Transactions Date Description of the Transaction July 1 Borrow 36,000.00 from 1st Bank by signing a 24 monthnote As an example of how to use and posta ransaction-histransaction has readybeen entered into the General burmaland posted on the General Ledger) July 1 Receive 300,700.00 cash from new investors, and ise , 70000 of Common Sod to them Julyt Purchase 344.70000 of now mowing expert, paying cash to the mower deler July 1 Pay 3000.00 cmh br the Jay truck rental July 3 Invoice a new customer S5, 120.00 for a completed mowing pastomer wil pay in 10 days July The Board of Direction declares a chavided The total erreurt of the dividend a 520,000.00 The Date of Recordisse. 15 The Date of Payment se July 31. July 7 Pay the employees 54,800.00 for work performed aring hefst week of day Silly 10 Complete a mowing job bor a new aistomer - bomer pays 34200.00 cash far tie je O by 12 Coked 53,500.00 mshtrom the por coursefa spedel nash mary job completed on May 31. July 14 Pay the employees 37,000.00 for work performed aring the 2nd week of by y 15 Purchase 5102000 of supplies from the mower dealer. The supplies are consumed immediately Let's will pay the model for the supplies in about 2 w sy 15 Collec: 56.130.00 on court. The cash that a received from the new customer for the job that was completed on 23 Judy 17 One of the aromom pucted in any de 2000 brore down and is required by the more dealer. The cost of the Mower Repai 957500 Lem's way the mower deler in 30 dae Ally 19 Purchase to cash 22.750.00 of supple. Thesescopes will be consumed on the red 13 mento Oy20 Colec 50.000.00 from the property management company for work performed in June O y 21 Pay the employees 37,100.00 for work performed during the and woody Ny 23 Recea 270000 son payment from the Sy The scure payment for month of wat which will be performed tomAugust 2021 to daryat 2002 25 Complete wiped more for the poll cane. The price be the moving je 4.300.00 The game pas 3600.00 months date and will pay the remainder on August O y 27 Corphite a moung an be a new antomerantare peys $3,900.00 comth is the job Z? Pa 31,020.00 hormones de les for tres partened on scoort 15 28 Pay there to work performed during the Ay Invoice they went commary 318.500.00 for Jy mowing The property meregent company pay the rice on the 20th of reme My Pay the word which was decon 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 equpment was placed into service on duty 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 years, the new equipment will have no future value and will be scrapped - The new equipment will be deprecated 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 university per the contract signed on April 1, 2021 For information on the contract with the university and the related advance payment, see 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 28, 2021. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $3,525 00 of wages These three days of wages will be paid to the workers during the first week of August Bank Loan: The interest 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's cals the bank on July 31 and the bank indicates that the interest on the loan for July is 5960.00 Lenny's Lawn Service, Inc. General Ledger Account # 100 Cash Joumal Page Debit Credit Balance 2021 Month Day 7-1 Beginning Balance 7-1 38,250.00 35,000.00 38,250.00 DE 73,250,00 DI 1 Account # 105 Accounts Receivable Journal Page Credit 2024 Month Day 7-1 Beginning Balance Balance Debit 33,500.00 33,500.00 DE 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 568,700.00 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 $6,800.00 for work performed during tho tut week of July, July 10 Complete a mowing job for a new customer -- customer pays $4,200.00 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 $7,000.00 for work performed during the 2nd weok of July July 15 Purchase $1,020 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 $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 repaired by the mower dealer. 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 $30,000.00 from the property management company for work performed in June. July 21 Pay the employees $7.100.00 for work performed during the 3rd week of July July 23 Receive a $23,750.00 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 55,350.00 The golf course pay $500.00 cash on this date and will pay the remainder on August 25 July 21 Complete a mowing job for a new customer-customer pays 53.900.00 cash for the job Gibami Bewon Trial Bal IS & SEquity Balsht