,My question applies to 8/31/2016. inventory of supplies is $60. It does not equal the inventory and cost of goods sold. Please explain how to document this in the general journal

Practice Set Fall 2019 Name Instructions: 1.) Complete all journal entries for the transactions below (please use Chart of Accounts) 2.) Complete the General Ledger for the following accounts: Cash, Building, Accounts Pay. - Highland Community Credit Union, Jackson, Capital 3.) Complete all three financial statements: Income Statement, Statement of Owner's Equity, and Balance Sheet Lucas Jackson opened his own landscapping firm called, Jackson's Landscape Design. He invested $120,000 capital into the company from his own personal bank account Lucas Jackson purchased a building for $50,000 building with a mortgage from Highland Community Credit Union, with a 20% downpayment Lucas Jackson purchasd a lawmower on credit from Michael's Lawn Equipment for $2,500 Lucas Jackson purchased a 12 month insurance policy for the lawnmower at $22 per month. A Prepayment was made of 5 months. Lucas Jackson purchased inventory for $7,000. Lucas Jackson mowed 10 different clients yards, charging a total of $1,000. All of the clients paid in cash that day. Lucas Jackson sold $3,000 worth of inventory for $5,300. Lucas Jackson assembled a rock garden in a client's yard. The total charges for this rock garden is $4,000. A bill has been sent to the client with the terms of net 15 days. Purchased Office Supplies on credit from Madelyn's Office Supplies for $150 Jackson Landscape Design paid a bill in cash to Highland Utility Company for $75 Lucas Jackson purchased fuel for his lawnmowers for $120. The fueld bill was paid in cash. Lucas Jackson sold $2,000 worth of inventory for $3,300 Lucas Jackson paid an employee wages for work performed for the past week. The payment was made in cash for $85 Lucas Jackson purchased a weed eater on credit from Makaela's Tool and Supply for $350 Lucas Jackson paid Makaela's Tool and Supply in full for weed eater purchased on credit Lucas Jackson withdrew $50 from the business for his own personal uses Received payment from the client who had a rock garden assembled on credit by Jackson's Landscape Design. The total payment from the client was $2500 Inventory was taken of the supplies. The total supplies as of 8/31/2016 was $60. An adjustment must be recorded for the closing of the books for the month of August 2016 Total Depreciation for all lawn equipment was estimated to be $230 for the month of August 2016 Please make the monthly adjustment for the insurance policy purchased on 8/5/2016. The monthly payment for this insurance premium is $22 per month Please complete all closing journal entries and enter them into the general ledger 8/1/2016 8/3/2016 8/4/2016 8/5/2016 8/6/2016 8/10/2016 8/11/2016 8/12/2016 8/17/2016 8/20/2016 8/22/2016 8/23/2016 8/26/2016 8/27/2016 8/29/2016 8/30/2016 8/31/2016 8/31/2016 8/31/2016 8/31/2016 8/31/2016 Jackson Landscape Design Income Statement For The Month Ending 8/31/2016 8/27/2016 SUPPLIES 103 350 ACCOUNTS PAYABLE 203 350 8/29/2016 ACCOUNTS PAYABLE 203 350 CASH 350 101 8/30/2016 JACKSON DRAWING 302 50 CASH 101 50 8/31/2016 ACCOUNTS RECIEVABLE 102 2,500 2,500 CASH 101 8/31/2016 ? ? 8/31/2016 DEPRECIATION EXPENSE 406 230 230 ACCUMULATED DEPRECIATION-EQUIPMENT 107 8/31/2016 INSURANCE EXPENSE 402 22 PREPAID INSURANCE 104 Practice Set Fall 2019 Name Instructions: 1.) Complete all journal entries for the transactions below (please use Chart of Accounts) 2.) Complete the General Ledger for the following accounts: Cash, Building, Accounts Pay. - Highland Community Credit Union, Jackson, Capital 3.) Complete all three financial statements: Income Statement, Statement of Owner's Equity, and Balance Sheet Lucas Jackson opened his own landscapping firm called, Jackson's Landscape Design. He invested $120,000 capital into the company from his own personal bank account Lucas Jackson purchased a building for $50,000 building with a mortgage from Highland Community Credit Union, with a 20% downpayment Lucas Jackson purchasd a lawmower on credit from Michael's Lawn Equipment for $2,500 Lucas Jackson purchased a 12 month insurance policy for the lawnmower at $22 per month. A Prepayment was made of 5 months. Lucas Jackson purchased inventory for $7,000. Lucas Jackson mowed 10 different clients yards, charging a total of $1,000. All of the clients paid in cash that day. Lucas Jackson sold $3,000 worth of inventory for $5,300. Lucas Jackson assembled a rock garden in a client's yard. The total charges for this rock garden is $4,000. A bill has been sent to the client with the terms of net 15 days. Purchased Office Supplies on credit from Madelyn's Office Supplies for $150 Jackson Landscape Design paid a bill in cash to Highland Utility Company for $75 Lucas Jackson purchased fuel for his lawnmowers for $120. The fueld bill was paid in cash. Lucas Jackson sold $2,000 worth of inventory for $3,300 Lucas Jackson paid an employee wages for work performed for the past week. The payment was made in cash for $85 Lucas Jackson purchased a weed eater on credit from Makaela's Tool and Supply for $350 Lucas Jackson paid Makaela's Tool and Supply in full for weed eater purchased on credit Lucas Jackson withdrew $50 from the business for his own personal uses Received payment from the client who had a rock garden assembled on credit by Jackson's Landscape Design. The total payment from the client was $2500 Inventory was taken of the supplies. The total supplies as of 8/31/2016 was $60. An adjustment must be recorded for the closing of the books for the month of August 2016 Total Depreciation for all lawn equipment was estimated to be $230 for the month of August 2016 Please make the monthly adjustment for the insurance policy purchased on 8/5/2016. The monthly payment for this insurance premium is $22 per month Please complete all closing journal entries and enter them into the general ledger 8/1/2016 8/3/2016 8/4/2016 8/5/2016 8/6/2016 8/10/2016 8/11/2016 8/12/2016 8/17/2016 8/20/2016 8/22/2016 8/23/2016 8/26/2016 8/27/2016 8/29/2016 8/30/2016 8/31/2016 8/31/2016 8/31/2016 8/31/2016 8/31/2016 Jackson Landscape Design Income Statement For The Month Ending 8/31/2016 8/27/2016 SUPPLIES 103 350 ACCOUNTS PAYABLE 203 350 8/29/2016 ACCOUNTS PAYABLE 203 350 CASH 350 101 8/30/2016 JACKSON DRAWING 302 50 CASH 101 50 8/31/2016 ACCOUNTS RECIEVABLE 102 2,500 2,500 CASH 101 8/31/2016 ? ? 8/31/2016 DEPRECIATION EXPENSE 406 230 230 ACCUMULATED DEPRECIATION-EQUIPMENT 107 8/31/2016 INSURANCE EXPENSE 402 22 PREPAID INSURANCE 104