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Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2023 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. July 1 Recelve $65,900.00 cash from new investors, and issue $65,900.00 of Comron Stock to them. July 1 Purchase $68,700.00 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 $4,480.00 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 1st week of July. July 10 Complete a mowing job for a new customer - customer pays $6,800.00 cash for the job. July 12 Collect $3,500.00 cash from the goff 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 $4,480.00 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 $805.00. 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 $23,100.00 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 $6,110.00. The golf course pays $2,000.00 cash on this date and will pay the remainder on August 25 . July 27 Complete a mowing job for a new customer - customer pays $4,500.00 cash for the job. July 27 Pay $2.825.00 cash to the mower dealer for the supplies purchased on account on July 15 . July 28 Pay the employees $6,995,00 for work performed during the 4 th week of July. July 31 Invoice the property management company $19,900,00 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. Additorial Information Equipment: The 548,000,00 beginning balance in the Equipment account relates to the mowng equiprent Which was purchased on January 2, 2022. For information related to this mowing equipment see Page 70 in the Sold Footing file CHAPTER 07 a - Intro to Adjusting Entries. pdf. 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, 2023: The new equipment was placed into service on July 1, 2023 and shouid be depreciated for the month of July. The estimated useful ife 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: As the end of July there are $26,700.00 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 felated advance payment, see Pages 95 and 98 in the Solid Footing file CHAPTER 08 a - Adusting 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 $2,230.00 of wages. These three days of wages wil be pald 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 $815.00. \begin{tabular}{|c|l|} \hline \multicolumn{2}{|c|}{ Lenny's Lawn Service, Inc. - Chart of Accounts } \\ \hline \multirow{2}{*}{ Account \# } & Account Name \\ \cline { 2 - 2 } & Assets: \\ \hline 100 & Cash \\ \hline 105 & Accounts Receivable \\ \hline 110 & Supplies \\ \hline 150 & Equipment \\ \hline 155 & Accumulated Depreciation \\ \hline & Liabilities: \\ \hline 200 & Accounts Payable \\ \hline 205 & Wages Payable \\ \hline 210 & Interest Payable \\ \hline 215 & Unearned Revenue \\ \hline 220 & Dividends Payable \\ \hline 250 & Note Payable \\ \hline & Equity: \\ \hline 300 & Common Stock \\ \hline 305 & Retained Earnings \\ \hline & Revenues: \\ \hline 400 & Service Revenue \\ \hline & Expenses: \\ \hline 500 & Supplies Expense \\ \hline 505 & Mower Repair Expense \\ \hline 510 & Wages Expense \\ \hline 515 & Truck Rental Expense \\ \hline 520 & Depreciation Expense \\ \hline 550 & Interest Expense \\ \hline & \\ \hline \end{tabular} Lenny's Lawn Service, Inc, - General Ledger \begin{tabular}{|l|l|l|l|l|l|l|} \hline Acocurt 300 & \multicolumn{2}{|c|}{ Common Stock } \\ \hline \end{tabular} Enteg a mounts inte the at fyping in the amecinfs. De NGT cepy cells frem Sournal into tha aecternts Enter amounts into the Financial Statements by typinc Do NOT copy cells from the General Ledger or Pre-C Note the new line item on Lenny's Income Income from Operations. This is Lenny the normal operations of the lawn mowing Interest Expense, which is not a cost of business but rather a cost of financing the below Income from Operations. Interest from Income from Operations to arrive at Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2023 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. July 1 Recelve $65,900.00 cash from new investors, and issue $65,900.00 of Comron Stock to them. July 1 Purchase $68,700.00 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 $4,480.00 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 1st week of July. July 10 Complete a mowing job for a new customer - customer pays $6,800.00 cash for the job. July 12 Collect $3,500.00 cash from the goff 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 $4,480.00 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 $805.00. 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 $23,100.00 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 $6,110.00. The golf course pays $2,000.00 cash on this date and will pay the remainder on August 25 . July 27 Complete a mowing job for a new customer - customer pays $4,500.00 cash for the job. July 27 Pay $2.825.00 cash to the mower dealer for the supplies purchased on account on July 15 . July 28 Pay the employees $6,995,00 for work performed during the 4 th week of July. July 31 Invoice the property management company $19,900,00 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. Additorial Information Equipment: The 548,000,00 beginning balance in the Equipment account relates to the mowng equiprent Which was purchased on January 2, 2022. For information related to this mowing equipment see Page 70 in the Sold Footing file CHAPTER 07 a - Intro to Adjusting Entries. pdf. 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, 2023: The new equipment was placed into service on July 1, 2023 and shouid be depreciated for the month of July. The estimated useful ife 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: As the end of July there are $26,700.00 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 felated advance payment, see Pages 95 and 98 in the Solid Footing file CHAPTER 08 a - Adusting 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 $2,230.00 of wages. These three days of wages wil be pald 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 $815.00. \begin{tabular}{|c|l|} \hline \multicolumn{2}{|c|}{ Lenny's Lawn Service, Inc. - Chart of Accounts } \\ \hline \multirow{2}{*}{ Account \# } & Account Name \\ \cline { 2 - 2 } & Assets: \\ \hline 100 & Cash \\ \hline 105 & Accounts Receivable \\ \hline 110 & Supplies \\ \hline 150 & Equipment \\ \hline 155 & Accumulated Depreciation \\ \hline & Liabilities: \\ \hline 200 & Accounts Payable \\ \hline 205 & Wages Payable \\ \hline 210 & Interest Payable \\ \hline 215 & Unearned Revenue \\ \hline 220 & Dividends Payable \\ \hline 250 & Note Payable \\ \hline & Equity: \\ \hline 300 & Common Stock \\ \hline 305 & Retained Earnings \\ \hline & Revenues: \\ \hline 400 & Service Revenue \\ \hline & Expenses: \\ \hline 500 & Supplies Expense \\ \hline 505 & Mower Repair Expense \\ \hline 510 & Wages Expense \\ \hline 515 & Truck Rental Expense \\ \hline 520 & Depreciation Expense \\ \hline 550 & Interest Expense \\ \hline & \\ \hline \end{tabular} Lenny's Lawn Service, Inc, - General Ledger \begin{tabular}{|l|l|l|l|l|l|l|} \hline Acocurt 300 & \multicolumn{2}{|c|}{ Common Stock } \\ \hline \end{tabular} Enteg a mounts inte the at fyping in the amecinfs. De NGT cepy cells frem Sournal into tha aecternts Enter amounts into the Financial Statements by typinc Do NOT copy cells from the General Ledger or Pre-C Note the new line item on Lenny's Income Income from Operations. This is Lenny the normal operations of the lawn mowing Interest Expense, which is not a cost of business but rather a cost of financing the below Income from Operations. Interest from Income from Operations to arrive at
