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July $2023$ Transactions

Date Description of the Transaction

July $1$ Borrow $$35,000\mathrm{.}00$ from $1$st 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 $$77,500\mathrm{.}00$ cash from new investors, and issue $$77,500\mathrm{.}00$ of Common Stock to them.

July $1$ Purchase $$30,300\mathrm{.}00$ of new mowing equipment, paying cash to the mower dealer.

July $1$ Pay $$500\mathrm{.}00$ cash for the July truck rental.

July $3$ Invoice a new customer $$6,125\mathrm{.}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 $$36,000\mathrm{.}00$ The Date of Record is set as July $15.$ The Date of Payment is set as July $31.$

July $7$ Pay the employees $$5,300\mathrm{.}00$ for work performed during the $1$ st week of July.

July $10$ Complete a mowing job for a new customer $-$ customer pays $$6,910\mathrm{.}00$ cash for the job.

July $12$ Collect $$3,500\mathrm{.}00$ cash from the golf course for special rush mowing job completed on May $31.$

July $14$ Pay the employees $$6,100\mathrm{.}00$ for work performed during the $2$ nd week of July.

July $15$ Purchase $$2,770\mathrm{.}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 $$6,125\mathrm{.}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 $$990\mathrm{.}00.$ Lenny's will pay the mower dealer in $30$ days.

July $19$ Purchase for cash $$27,250\mathrm{.}00$ of supplies. These supplies will be consumed over the next $12$ months.

July $20$ Collect $$30,000\mathrm{.}00$ from the property management company for work performed in June.

July $21$ Pay the employees $$6,950\mathrm{.}00$ for work performed during the $3$rd week of July.

July $23$ Receive $$19,500\mathrm{.}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 $$4,500\mathrm{.}00.$ The golf course pays $$1,000\mathrm{.}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 $$5,475\mathrm{.}00$ cash for the job.

July $27$ Pay $$2,770\mathrm{.}00$ cash to the mower dealer for the supplies purchased on account on July $15.$

July $28$ Pay the employees $$7,150\mathrm{.}00$ for work performed during the $4$ th week of July.

July $31$ Invoice the property management company $$22,500\mathrm{.}00$ for July mowing work. The property management company will pay the invoice on the $20$th of next month.

July $31$ Pay the cash dividend which was declared on July $5.$

Additional Information

Equipment:

Supplies:

Mowing Service at the University:

Wages Due the Employees:

Bank Loan:

The $$48,000\mathrm{.}00$ beginning balance in the Equipment account relates to the mowing equipment which was purchased on January $2,2022.$ For information related to this mowing equipment see Page $70$ in the Solid 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 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.

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 related advance payment, see Pages $95$ and $98$ in the Solid Footing file CHAPTER $08$ a $-$ Adjusting Entries Continued.pdf$.$

The last wage payment was made to the employees on July $28,2023.$ The employees worked on July $29,30,$ and $3$