Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2023 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1 st Bank by signing a 24 month note. (As an example of how to journalize and postia transaction - this transaction has already been entered into the General Journal and posted to the General Ledger) July 1 Receive $68,100.00 cash from new investors, and issue $68,100.00 of Common Stock to them. July 1 Purchase $71,700.00 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 $5.015.00 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 $32.000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31 July 7 Pay the employees $5.650.00 for work performed during the 1 st week of July. Julv 10 Comolete a mowing iab for a new customer - customer pavs $6.800.00 cash for the iob Direstions Trar Joumal cl. Assets cil liab-Equity GL Rev-Exp Trial Bal 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 $6,500.00 for work performed during the 2nd week of July. July 15 Purchase $2,825.00 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 $5,015.00 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 2022 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 $25,250.00 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 $7.050.00 for work performed during the 3rd week of July. July 23 Receive $26,100.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2023 to January 31, 2024 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $6,910.00. The golf course pays 52.000.00 cash on this date and will pay the remainder on August. 25. The 548,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2,2022. For information related to this mowing equipment see Page 70 in the Solid Footing file CHAPTER 07 a - Intro to Adjusting Entries. pdf. This squipment 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 1,2023 The new equipment was placed into service on July 1,2023 and should be depreciated for the month of July The estimated useful life of the new equipment is 6 years At thing Supplies: As the end of July there are $26,500.00 supplies on-hand. Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2023. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing file CHAPTER 08 a - Adjusting Entries Continued.pdf. Wages Due the Employees: The last wage payment was made to the employees on July 28,2023 . The employees worked on July 29,30 , and 31 . For these three days of work the employees earned $2.430.00 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 every three months. The first interest payment to the bank will be made on September 30,2023 . Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $875.00. Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2023 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1 st Bank by signing a 24 month note. (As an example of how to journalize and postia transaction - this transaction has already been entered into the General Journal and posted to the General Ledger) July 1 Receive $68,100.00 cash from new investors, and issue $68,100.00 of Common Stock to them. July 1 Purchase $71,700.00 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 $5.015.00 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 $32.000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31 July 7 Pay the employees $5.650.00 for work performed during the 1 st week of July. Julv 10 Comolete a mowing iab for a new customer - customer pavs $6.800.00 cash for the iob Direstions Trar Joumal cl. Assets cil liab-Equity GL Rev-Exp Trial Bal 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 $6,500.00 for work performed during the 2nd week of July. July 15 Purchase $2,825.00 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 $5,015.00 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 2022 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 $25,250.00 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 $7.050.00 for work performed during the 3rd week of July. July 23 Receive $26,100.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2023 to January 31, 2024 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $6,910.00. The golf course pays 52.000.00 cash on this date and will pay the remainder on August. 25. The 548,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2,2022. For information related to this mowing equipment see Page 70 in the Solid Footing file CHAPTER 07 a - Intro to Adjusting Entries. pdf. This squipment 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 1,2023 The new equipment was placed into service on July 1,2023 and should be depreciated for the month of July The estimated useful life of the new equipment is 6 years At thing Supplies: As the end of July there are $26,500.00 supplies on-hand. Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2023. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing file CHAPTER 08 a - Adjusting Entries Continued.pdf. Wages Due the Employees: The last wage payment was made to the employees on July 28,2023 . The employees worked on July 29,30 , and 31 . For these three days of work the employees earned $2.430.00 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 every three months. The first interest payment to the bank will be made on September 30,2023 . Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $875.00