MBA 601 Accounting Basics: Impact of Business Transactions on B/S & I/S & Basic Accounting Cycle Entries Donovan's Lawn Care Service began operations in June and engaged in the following transactions during July: July 1 July 4 July 5 L July 9 July 15 E July 15 July 24 Shareholders contributed $9,000 cash in exchange for common stock... Purchased office supplies on account for $100. Purchased additional mowing equipment for $3,000. Paid $1,000 in cash and signed a 60-day Note Payable for the remaining balance. Paid $250 for gasoline. All the fuel will be used this month to provide lawn care services. Billed Lost Creek Cemetery $300 for mowing services performed in July. The entire amount is due August 15". Paid $200 in salaries earned by employees during July. Billed Golf Creek Condos for $600 mowing services performed in July. The entire amount is due August 30th. Collected $100 from StoreFront Offices for mowing services performed and billed in June. Collected $250 in cash from KidsRUs after mowing their lawn today. Earned $2 in interest from business bank account during July. The money was deposited directly into Donovan's bank account by the bank. Received a $125 bill from Ry's Automotive for sharpening the mower blades. The Received entire amount is due August 15". Recorded $100 depreciation expense on mowing equipment Declared and paid a $50 dividend. July25 A July 30 July 30 July 30 LE July 30 July 30 Required: (a) Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of July. Organize your answer in tabular form using the column headings shown below. Income Statement Balance Sheet Date Revenues. Expenses NI Assets Llabilities + 10/Equity 7/1 000 (b) Prepare journal entries in the general journal for each transaction (c) Post entries to the general ledger. (d) Prepare a trial balance. General Journal Date Account Titles Credit Debit 9000 Q000 100 100 CYC 1000 2000 250 250 1200 200 70 Cash Common Stock 1104 office Supplies Accounts Pauable (AP) 710s Nowing Equipment Cash Noles payable 10 Gasoline cash Lost Creek Cemetiu Service Revenue 2015 Solory Cash 1124_Golf Creek Condos Service Revenue 17/25 Cash Store Front Offices 7130 Cash Service Revenue 7130 Bank Interest Earned 7130 Service Expense RY's Automotive 7/30 Depreciation Expenses | Accumulated Depreciation 1200 1100 100 General Ledger Common Stock Cash 1000 1000 10D 250 250 P000 IC) Office Supplies 100 Accounts Pauable 100 125 (Automotive Dividends Noles Pouble m E NOLING Eument 3000 1000 50 PO 2000 Gasoline 250 Depreciction 100 Service Revenues 300 6000 Salaries 200 Account Receivable 300 LOD Brilonce