Page Lenny's Lawn Service, Inc. General Ledger CAUTION Enter amounti Into the Accounts by Theking in the amounts Acct : 100 Cash Do NOT copy cole kom ima Commit Credit Balance Beganing Balance 38,250.00 38.250.00 0 35:000 00 73.250 00 D Accounts RecomrabinLonny's Lawn Service, Inc. . General Ledger CAUTION Accounts Payable Do NOT copy calls From the General Credit Ballance Baprining Balaton 0.00 0 War in Payable Interest Payable Unearned Rovenus 1000 00 Ohblinds ParableAccounting Cycle Project Fir Solid Footing 1 1a La Project is Activated Save your project by following these directions As you work on your project, be sure to save your file often, Instructions: You will be recording the July 2021 transactions for Lenny's Lawn Service, Inc. After recording the July transactions you will be preparing a Pre-Closing Trial Balance, Income Statement, Statement of Stockholders Equity, Balance Sheet, and Post-Closing Trial Balance You are given the following; July 2021 transactions and additional Information -- Trans tab Chart of Accounts with Account Numbers and Account Names -- Chart Meets tab General Journal pages Journal tab General Ledger -- GL Assets. GL Liab-Equity, GL Rev-Esp tabs Forms for the July 31, 2021: Pre-Closing Trial Balance [Trial Bal tab], Income Statement and Calculation of Retained Earnings (IS # RE tab), Balance Sheet (BalSht tab], and Post-Closing Trial Balance (Post Close TB tab] To Complete Your Workbook do the following: Print the July Transactions (click the Trans jab and then click the Printer Ison) Jee FOUR Transaction steels -- as not use mother student's sheets -Print the Chart of Accounts (click the Client heis jab and then click the Printer Icon) Directions Ians ourna GL Asset Ready\fLenny's - July 31. 2021 Pre-Closing Trial Balance Account Account Name Dable Credit CAUTION Enter amounts into the Pm-Closing Trial 190 typing in the amounts Accounts Anceivable Do NOT copy out's from the General Lady 110 4 155 200 Accounts Payable Wages Payable Integrat Payable 215 Uncamod Pavanun Order as Paysbin -250 Common Stock 104 Amlared Bambi Totala 0.00Clipboard Font Alignment F5 V E Determine the required adjusting entries as of d July 31. 2021. The information needed For step 3 in the Accomating Cycl the adjusting entries is on the page titled *additional Information". This is the second page that printed when you printed the Trans tab. Click the Journal tab and record your At the end of the accounting adjusting entries in the General Journal. Use the printed Chart of Accounts as a period, before preparing the reference source for the Account Numbers and Account Names that are available in financial statements, determine Lenny's accounting system. Put your adjusting entries on Page # + of the General Journal: if any of the General Ledger account balances need to be Post the adjusting entries from the General Journal to the General Ledger accounts. adjusted. Enter any required Click the GL Assets. GL Liab-Equity, and GL. Rev-Exp tabs to find the accounts to be adjusting entries into the General posted. As you post an amount to an account be sure to enter the General Journal Page # Journal and post the adjusting into the Journal Page S column. After you post an amount to a General Ledger account, entries to the General Ledger click back on the Journal tab and enter an X" in the Posted column of the General Journal. accounts. Print Lenny's General Ledger by: clicking the GI Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the Step 4 in the Accounting Cycl GL Rev-Exp tab and then clicking the Printer icon. Prepare a Pre-Closing Trial Using the printed General Ledger, enter the ending account balances into the July 31, 2021 Balance to determine that the Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the accounts in the General Ledger Pre-Closing Trial Balance. Print the July 31, 2021 Pre-Closing Trial Balance by clicking are in balance. the Printer icon. Step 5 in the Accounting Cycl Using the printed July 31, 2021 Pre-Closing Trial Balance, prepare the July 2021 Prepare an Income Statement Income Statement. Click the IS & FIE tab and enter the amounts into the Income from the ending balances in the Statement, General Ledger revenue and i expense accounts. Step 6 in the Accounting Cycl -Using the printed General Ledger and the Net Income amount, prepare the July 2031 Calculate the ending balance Statement of Stockholders' Equity. Click the IS & RE cab and enter the of the Retained Earnings amounts into the Statement of Stockholders Equity. account that is needed for the preparation of the Balance Sheet Step 7 in the Accounting Cycl Prepare the Balance Sheet -Using the printed July 31. 2021 Pre-Closing Trial Balance and the Retained Earnings amount from the ending balances in the Directions _ Trans ] Chargescs Journal GL Assets GL Liab-Equity\fFB Page # 2031 Balance 8.000.00 8.000 00 0 Dividends Payable Dabit Balance 0.00 0.00 C Note Payable Balance 0.00 0,00 0 15 000.00 45 000 00 C Common Stock 40 0ONDO 40 125 00 Joutrial\fAdditional 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 $27,880.00 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 $2,495.00 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 $870.00.Lenny's Lawn Service, Inc. - General Ledger CAUTION typing In the amount Kurt : 490 Service Revare Creat 0.00 Loon 0.60 0\fLenny's Lawn Service, Inc. ional Information July 2021 Transactions Date Description of the Transact July 1 Borrow $35,000.00 from 1 st Bank by signing a 24 month note las an example of how to journalise and post a transaction -- this transaction has already been entered into the General Journal an e General Ledger. ) July 1 Receive $80,300.00 cash from new investors, and issue $80,300.00 of Common Stock to them. July 1 Purchase $61,800.00 of new mov paying cash to the mower dealer. July 1 Pay $500.00 cash for the July 3 Invoice a new customer $7,265.00 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 $30,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $5,900.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer -- customer pays $4,250.00 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 $7 100.00 for work performed during the 2nd week of July. July 15 Purchase $1,825.00 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 $7.265.00 on account. The cash that is received is from the new customer for the job Directions Trans |Chart Accts GL Assets GL Liab-Equity GL Rev-Exp