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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 $70,500.00 cash from new investors, and issue $70,500.00 of Common Stock to them. July 1 Purchase $48,300.00 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 $5,295.00 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 $5,800.00 for work performed during the 1st 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 week 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 $5,295.00 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 $650.00. 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 $18,500.00 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 $5,950.00. The golf course pays $500.00 cash on this date and will pay the remainder on August 25. July 27 Complete a mowing job for a new customer -- customer pays $3,900.00 cash for the job. July 27 Pay $1,020.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $6,100.00 for work performed during the 4th week of July. July 31 Invoice the property management company $19,150.00 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. Additional Information Equipment: The $48,000.00 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 equipment was placed into service on July 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 5 years, the new equipment will have no future value and will be scrapped. The new equipment will be depreciated using the straight-line method. Supplies: At the end of July there are $23,850.00 supplies on-hand. Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1, 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 $3,675.00 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, 2021. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $950.00. Lenny's Lawn Service, Inc. - Chart of Accounts Account # Account Name 100 105 110 150 155 200 205 210 215 220 250 Assets: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Equity: Common Stock Retained Earnings Revenues: Service Revenue Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense 300 305 400 500 505 510 515 520 550 Lenny's Lawn Service, Inc. - General Journal Page # 1 Account Name Posted Debit Credit 2021 Month-Day 7-1 Account Number 100 250 35,000.00 Cash Notes Payable Borrowed on Note Payable 35,000.00 7-1 100 70,500.00 Cash Common Stock 300 70,500.00 7-1 150 100 Equipment Cash 48,300.00 48,300.00 7-1 500.00 515 100 Truck Rental Cash 500.00 7-3 5,295.00 105 400 Accounts Receivable Service Revenue 5,295.00 7-5 305 Dividend Expense Dividens Payable 25,000.00 del Google Chro 25,000.00 220 7-7 5,800.00 510 100 Wage Expense Cash 5,800.00 7-10 100 Cash 4,200.00 400 Service Revenue 4,200.00 7-12 3,500.00 100 105 Cash Accounts Receivable 3,500.00 7-14 7,000.00 510 100 Wages Expense Cash 7,000.00 7-15 1,020.00 500 200 Supplies Expense Accounts Payable 1,020.00 7-15 100 5,295.00 Cash Accounts Receivable 105 5,295.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 Account Name Posted Debit Credit 2021 Month-Day 7-17 Account Number 505 200 650.00 Mower Repair Expense Accounts Payable 650.00 7-19 110 22,750.00 Supplies Cash 100 22,750.00 7-20 100 30,000.00 Cash Accounts Receivable 105 30,000.00 7-21 7,100.00 510 100 Wages Expense Cash 7,100.00 7-23 100 18,500.00 Cash Unearned Revenue 215 18,500.00 7-25 100 105 400 Cash Accounts Receivable Service Revenue 500.00 5,450.00 5,950.00 7-27 Cash 3,900.00 100 400 Service Revenue 3,900.00 7-27 1,020.00 200 100 Accounts Payable Cash 1,020.00 7-28 510 100 Wages Expense Cash 6,100.00 6,100.00 7-31 105 400 Accounts Receivable Service Revenue 19,150.00 19,150.00 7-31 220 Dividends Payable Cash 25,000.00 100 25,000.00 Lenny's Lawn Service, Inc. - General Journal Page # 3 Account Name Posted Debit Credit 2021 Month-Day 7-31 Account Number 520 155 1,000.00 Depreciation Expense Accumulated Depreciation 1,000.00 7-31 520 Depreciation Expense Accumulated Depreciation 155 7-31 500 110 Supplies Expense Supplies 7-31 215 Unearned Revenue Service Revenue 400 7-31 510 205 Wages Expense Wages Payable 7-31 550 210 Interest Expense Interest Payable Lenny's Lawn Service, Inc. - General Journal Page # 4 Lenny's Lawn Service, Inc. - General Journal Page # 4 Account Name Posted Debit Credit 2021 Month-Day 7-31 Account Number 400 305 Service Revenue Retained Earnings 7-31 305 500 505 510 515 520 550 Retained Earnings Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense 7-31 305 600 Retained Earnings Dividends Lenny's Lawn Service, Inc. - General Journal Page # 5 2021 Month-Day Account Number Account Name Posted Debit Credit Lenny's Lawn Service, Inc. - General Ledger Account # 100 Cash Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-1 Beginning Balance 38,250.00 35,000.00 38,250.00 Dr 73,250.00 Dr 1 Account # 105 Accounts Receivable Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 33,500.00 33,500.00 Dr Account # 110 Supplies Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 4,375.00 4,375.00 Dr Account # 150 Equipment 2021 Month-Day Journal Page # Debit Credit Balance Account # 150 Equipment Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 48,000.00 48,000.00 Dr Account # 155 Accumulated Depreciation Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 18,000.00 18,000.00 Cr Lenny's Lawn Service, Inc. - General Ledger Account # 200 Accounts Payable Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Cr Account # 205 Wages Payable Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Cr Account # 210 Interest Payable Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Cr Account # 210 Interest Payable Journal Page # Debit Credit 2021 Month-Day 7-1 Beginning Balance Balance 0.00 0.00 Cr Account # 215 Unearned Revenue Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 8,000.00 8,000.00 Cr Account # 220 Dividends Payable Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Cr Account # 250 Note Payable Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-1 Beginning Balance 0.00 35,000.00 0.00 Cr 35,000.00 Cr 1 Account # 300 Common Stock Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 50,000.00 50,000.00 Cr Account # 305 Retained Earnings Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 48,125.00 48,125.00 CV Lenny's Lawn Service, Inc. - General Ledger Account # 400 Service Revenue Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Cr Account # 500 Supplies Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 500 Supplies Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 505 Mower Repair Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 510 Wages Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Beginning Balance Balance 0.00 0.00 Dr Account # 510 Wages Expense Journal Debit Credit Balance 2021 Month-Day 7-1 Page # Beginning Balance 0.00 0.00 Dr Account # 515 Truck Rental Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 520 Depreciation Expense 2021 Month-Day Journal Page # Debit Credit Balance Account # 520 Depreciation Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Account # 550 Interest Expense Journal Page # Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 0.00 0.00 Dr Lenny's - July 31, 2021 Pre-Closing Trial Balance Account # Account Name Debit Credit 100 105 110 150 155 200 205 210 215 220 250 300 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Common Stock Retained Earnings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 305 400 500 505 510 515 520 550 0.00 0.00 Lenny's Lawn Service, Inc. Income Statement for the Month Ended July 31, 2021 CAUTION Enter amounts into the Financial Statements by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance. Service Revenue Operating Expenses: Supplies Mower Repair Wages Truck Rental Depreciation Total Operating Expenses Income from Operations Interest Expense Net Income Note the new line item on Lenny's Income Statement Income from Operations. This is Lenny's income from the normal operations of the lawn mowing business. Interest Expense, which is not a cost of operating the business but rather a cost of financing the business, is shown below Income from Operations. Interest Expense is subtracted from Income from Operations to arrive at Net Income. 0.00 0.00 $0.00 This is the first time you have prepared a formal Statement of Stockholders' Equity for Lenny's. This statement shows what caused the change in Common Stock and in Retained Earnings Lenny's Lawn Service, Inc. from July 1, 2021 to July 31, 2021. Note that the Retained Earnings Statement of Stockholders' Equity column on the statement looks different than the calculation you for the Month Ended July 31, 2021 have been doing each month determine the Retained Earnings amount needed for the Balance Sheet. Beginning Balance is the Common Retained starting amount. In previous Retained Earnings calculations, you Stock Earnings Tota! used Current Balance as the starting amount. Beginning Balance Beginning Balance July 1, 2021 $0.00 is the starting point for this calculation, because Dividends is shown Issue Common Stock 0.00 as a line item (a deduction) in the Retained Earnings column. Net Income 0.00 Dividends 0.00 The Ending Balance in the Retained Earnings column is the balance Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity BalSht Post Close TB Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2021 Common Stock Retained Earnings Beginning Balance July 1, 2021 Issue Common Stock Net Income Dividends Ending Balance July 31, 2021 Total $0.00 0.00 0.00 0.00 $0.00 $0.00 $0.00 Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2021 CAUTION Enter amounts into the Balance Sheet by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance. Assets Current Assets: Cash Accounts Receivable Supplies Total Current Assets Note the following three new sub-totals appearing on Lenny's Balance Sheet: 0.00 Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net Total Assets Total Current Assets is a total of those assets, which will turn-into cash during the next 12 months or be consumed during the next 12 months. The comparison of Total Current Assets to Total Current Liabilities gives some indication of Lenny's liquidity -- that is, its ability to pay its bills in the short-term. 0.00 $0.00 Liabilities & Stockholders' Equity Property & Equipment, net is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods. Current Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Total Current Liabilities Long-Term Liabilities: Note Payable Total Liabilities Total Current Liabilities is a total of those liabilities that will require payment in the next 12 months. In the case of Unearned Revenue, this current liability will be "paid-off" by Lenny's delivering mowing services to the university. 0.00 0.00 Stockholders' Equity: Common Stock Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity Balsht Post Close TB labilities & Stockholders Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Total Current Liabilities Long-Term Liabilities: Note Payable Total Liabilities 0.00 0.00 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0.00 $0.00 Lenny's - July 31, 2021 Post-Closing Trial Balance Account # Account Name Debit Credit CAUTION Enter amounts into the Post-Closing Trial Balance by typing in the amounts. 100 Cash 105 Do NOT copy cells from the General Ledger. 110 150 155 200 205 210 215 220 250 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Common Stock Retained Earnings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 300 305 400 500 505 510 515 520 550 0.00 0.00 Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & SEquity BalSht Post Close TB