Please help me balance my post closing balance!!!!! I don't know where I made my errors.

Accounting Cycle Project Solid Footing 9e Project is Activated Save>SAVING your project following these directions -------------YOURby PROJECT -- Immediately after- Activation Save your project in a file that uses your name as the file name. The file name should be in the form: LastNameFirstName-ACP For example, Mary Smith would save her project with the file name SmithMary-ACP Excel 2016 Windows, follow these directions: - Click File (top left) - Click Save As (in list on left) As you work on - Click your This project, PC (or click be Computer) sure to save your file often. - Click C:> Solid Footing 9e (center of screen) - In File name: enter LastNameFirstName-ACP Instructions: - Save as type: must beLawn Excel Macro-Enabled You will be recording the July 2017 transactions for Lenny's Service, Inc. After Workbook recording - Click Save 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: Excel 2013 Windows, follow these directions: - Click File (top left) _ July 2017 transactions and Additional Information -- Trans tab - Click Save As (in list on left) _ Chart of Accounts with Account Numbers and Account Names - Click Computer (or click This -PC)Chart Accts tab - Click _ General Journal pages -- Journal tab Solid Footing 9e (under Current Folder) - In File name: enter LastNameFirstName-ACP - Save as type: must be Exceltabs Macro-Enabled Workbook _ General Ledger -- GL Assets, GL Liab-Equity, GL Rev-Exp - Click Save _ Forms for the July 31, 2017: 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) Excel 2010 Windows, follow these directions: To Complete Your Workbook do the following: - Click File (top left) _ Print the July Transactions (click the Trans tabAs and click - Click Save (inthen list on left)the Printer Icon) name: enter LastNameFirstName-ACP Use YOUR Transaction sheets --- In do File not use another student's sheets - Save as type: must be Excel Macro-Enabled Workbook _ Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) - Click Save _ Record the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal. Look at the July 1 Notes Payable transaction, which has already been entered, for an example of how to make your entries. Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. _ To make posting from the General Journal to the General Ledger easier, it is recommended that you print the General Journal -- click the Journal tab and then click the Printer Icon. _ Post the entries from the printed General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. Record your postings directly into the General Ledger. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. See the first posting to the Cash account for an example. After you post an amount to a General Ledger account, then hand write an "X" in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted. _ Enter the "X"s, which you hand wrote on your General Journal pages, into the General Journal. Click the Journal tab and enter the "X"s in the Posted column Pg. 2 _ Determine the required adjusting entries as of July 31, 2017. The information needed for 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 adjusting entries in the General Journal. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. Put your adjusting entries on Page # 4 of the General Journal. _ Post the adjusting entries from the General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. _ Print Lenny's General Ledger by: clicking the GL Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the GL Rev-Exp tab and then clicking the Printer icon. _ Using the printed General Ledger, enter the ending account balances into the July 31, 2017 Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the July 31, 2017 Pre-Closing Trial Balance by clicking the Printer icon. _ Using the printed July 31, 2017 Pre-Closing Trial Balance, prepare the July 2017 Income Statement. Click the IS & RE tab and enter the amounts into the Income Statement. _ Using the printed General Ledger and the Net Income amount, prepare the July 2017 Statement of Stockholders' Equity. Click the IS & RE tab and enter the amounts into the Statement of Stockholders' Equity. _ Using the printed July 31, 2017 Pre-Closing Trial Balance and the Retained Earnings amount from the Statement of Stockholders' Equity, prepare the July 31, 2017 Balance Sheet. Click the BalSht tab and enter the amounts into the Balance Sheet. _ Prepare the closing entries. Click the Journal tab and enter the closing entries into the General Journal. Place your closing entries on Page # 5 of the General Journal. _ Post the closing entries from the General Journal to the General Ledger accounts. Click the GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. _ Click the Post Close TB tab and prepare the July 31, 2017 Post-Closing Trial Balance. Your project is complete! Your instructor will provide you with directions on how to submit your project. Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2017 Transactions Date July 1 July 1 July 1 July 1 July 3 July 5 July 7 July 10 July 12 July 14 July 15 July 15 July 17 July 19 July 20 July 21 July 23 July 25 July 27 July 27 July 28 July 31 July 31 Additional Information Equipment: Supplies: Mowing Service at the University: Wages Due the Employees: Bank Loan: Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2017 Transactions Description of the Transaction 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.) Receive $78,000.00 cash from new investors, and issue $78,000.00 of Common Stock to them. Purchase $59,100.00 of new mowing equipment, paying cash to the mower dealer. Pay $500.00 cash for the July truck rental. Invoice a new customer $2,675.00 for a completed mowing job -- customer will pay in 10 days. The Board of Directors declares a cash dividend. The total amount of the dividend is $24,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. Pay the employees $6,000.00 for work performed during the 1st week of July. Complete a mowing job for a new customer -- customer pays $975.00 cash for the job. Collect $3,500.00 cash from the golf course for special rush mowing job completed on May 31. Pay the employees $5,100.00 for work performed during the 2nd week of July. Purchase $900.00 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. Collect $2,675.00 on account. The cash that is received is from the new customer for the job that was completed on July 3. One of the original mowers purchased in January of 2016 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $1,110.00. Lenny's will pay the mower dealer in 30 days. Purchase for cash $31,000.00 of supplies. These supplies will be consumed over the next 12 months. Collect $30,000.00 from the property management company for work performed in June. Pay the employees $5,450.00 for work performed during the 3rd week of July. Receive a $39,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2017 to January 31, 2018. Complete a special mowing job for the golf course. The total price for the mowing job is $10,950.00. The golf course pays $4,000.00 cash on this date and will pay the remainder on August 25. Complete a mowing job for a new customer -- customer pays $300.00 cash for the job. Pay $900.00 cash to the mower dealer for the supplies purchased on account on July 15. Pay the employees $6,350.00 for work performed during the 4th week of July. Invoice the property management company $29,750.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. Pay the cash dividend which was declared on July 5. Additional Information The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2016. For information related to this mowing equipment see Page 70 in the Solid Footing book. 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, 2017: The new equipment was placed into service on July 1, 2017 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. At the end of July there are $26,100.00 supplies on-hand. The monthly mowing service was provided to the university per the contract signed on April 1, 2017. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. The last wage payment was made to the employees on July 28, 2017. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $3,300.00 of wages. These three days of wages will be paid to the workers during the first week of August. 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, 2017. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $840.00. Lenny's Lawn Service, Inc. - Chart of Accounts Account # 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 Account Name 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 Renee Bolduc Lenny's Lawn Service, Inc. - General Journal Page # 1 2017 Account Month-Day Number 7-1 100 250 Account Name Cash Notes Payable Posted X Debit Credit 35,000.00 35,000.00 X Borrowed on Note Payable 7-1 100 300 Cash X 78,000.00 780,000.00 Common Stock Stockholder's Investment 7-1 150 100 59,100.00 Equiptment Cash 59,100.00 X Buy Equiptment 7-1 515 100 500.00 Truck Rental Expense Cash 500.00 X Payment for Truck Rental 7-3 105 Accounts Recievable 400 Service Revenue X 2,675.00 2,675.00 Job accompished/per service due 7-5 600 220 24,000.00 Dividends 24,000.00 Dividends Payable Dividends announced by company 7-7 510 100 6,000.00 Wages Expense Cash 6,000.00 X Pay Employees first week Wages 7-10 100 400 Cash X 975.00 975.00 Service Revenue Mowing Job Revenue 7-12 100 105 Cash Accounts Recievable Payed by golf club X X 3,500.00 3,500.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 2017 Account Month-Day Number 7-14 510 100 Account Name Posted Credit 5,100.00 Wage Expense Cash Debit 5,100.00 X Pay Employee Second week Wages 7-15 500 100 900.00 Supplies Expense 900.00 Accounts Payable Buy Supplies X 7-15 100 2,675.00 Cash 2,675.00 Accounts Recievable Payment for July Third 7-17 505 1,100.00 Mower Repair Expense 1,100.00 Account Payable Repairs 7-19 500 Supplies X Cash X 31,000.00 31,000.00 12 Months of Purchased Supplies 7-20 100 105 Cash Accounts Recievable X 30,000.00 30,000.00 X Property Management Payment 7-21 510 100 5,450.00 Wage Expense Cash 5,450.00 X Pay Employees Third Week Wages 7-23 100 215 Cash X 39,500.00 39,500.00 Unearned Revenue Advanced Payment from University 7-25 100 Cash 105 Accounts Receivable Service Revenue X 4,000.00 6,950.00 10,950.00 Lenny's Lawn Service, Inc. - General Journal Page # 3 2017 Account Month-Day Number 7-27 100 400 Account Name Cash Posted X Debit Credit 300.00 300.00 Service Revenue New Customer Job 7-27 200 100 900.00 Accout Payable Cash 900.00 X Supplies Payment for July 15 7-28 510 100 6,350.00 Wage Expense Cash 6,350.00 X Pay Employees Fourth Week Wages 7-31 105 Accounts Recievable 400 Service Revenue X 29,750.00 29,750.00 Mowing Job 7-31 220 100 24,000.00 Dividends Payable Cash 24,000.00 X Payment of Dividends from July Fourth 7-31 520 110 8,000.00 Depreciation Expense 8,000.00 Accumulated Depreciation Adjustment Entry for Depreciation 7-31 500 110 4,900.00 Supplies Expense Supplies 4,900.00 X Adjustments Entry for Supplies 7-31 215 Unearned Revenue X 8,000.00 8,000.00 Service Revenue Adjustment Entry Revenue 7-31 510 Wage Expense Wages Payable Adjustment Entry for Wages 3,300.00 3,300.00 Lenny's Lawn Service, Inc. - General Journal Page # 4 2017 Account Month-Day Number 7-31 550 210 Account Name Interest Expense Posted Debit Credit 840.00 840.00 Interest Payable Adjustment Entry for Interest 7-31 400 305 Service Revenue 52,650.00 52,650.00 Retained Earnings Closing Entry for Revenue 7-31 305 Retained Earnings 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense 41,540.00 4,900.00 1,100.00 26,200.00 500.00 8,000.00 840.00 Closing Entry for Retained Earnings 7-31 305 600 Retained Earnings Dividends 24,000.00 24,000.00 Lenny's Lawn Service, Inc. - General Journal Page # 5 2017 Account Month-Day Number Account Name Posted Debit Credit Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 100 Cash 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-1 1 7-1 1 7-1 1 7-1 1 7-7 1 7-10 1 7-12 1 7-14 2 7-15 2 7-19 2 7-20 2 7-21 2 7-23 2 7-25 2 7-27 3 7-27 3 7-28 3 7-31 3 Account # 105 Credit 38,250.00 35,000.00 78,000.00 59,100.00 500.00 6,000.00 975.00 3,500.00 5,100.00 2,675.00 31,000.00 30,000.00 5,450.00 39,500.00 4,000.00 300.00 900.00 6,350.00 24,000.00 Balance 38,250.00 73,250.00 151,250.00 92,150.00 91,650.00 85,650.00 86,625.00 90,125.00 85,025.00 87,700.00 56,700.00 86,700.00 81,250.00 120,750.00 124,750.00 125,050.00 124,150.00 117,800.00 93,800.00 Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Accounts Receivable 2017 Journal Month-Day Page # 7-1 Debit Beginning Balance 7-3 1 7-12 1 7-15 2 7-20 2 7-25 3 7-31 3 Debit Credit 33,500.00 2,675.00 3,500.00 2,675.00 30,000.00 6,950.00 29,750.00 Balance 33,500.00 36,175.00 39,675.00 37,000.00 7,000.00 13,950.00 43,700.00 Dr Dr Dr Dr Dr Dr Dr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 110 Supplies 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-19 2 7-31 3 Account # 150 2017 Journal Page # Beginning Balance 7-1 1 Account # 155 2017 Journal Page # 7-31 4,375.00 31,000.00 4,900.00 Balance 4,375.00 Dr 35,375.00 Dr 30,475.00 Dr Debit Credit 48,000.00 59,100.00 Balance 48,000.00 Dr 107,100.00 Dr Accumulated Depreciation Month-Day 7-1 Credit Equipment Month-Day 7-1 Debit Beginning Balance Debit Credit 18,000.00 800.00 Balance 18,000.00 Cr 18,800.00 Cr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 200 Accounts Payable 2017 Journal Month-Day Page # 7-1 2 7-17 2 7-27 3 Account # 205 2017 Journal Page # Debit 3 2017 Journal Page # Debit Credit 0.00 840.00 Beginning Balance 7-31 Cr Cr Cr Cr Balance 0.00 Cr 3,300.00 Cr Balance 0.00 Cr 840.00 Cr Unearned Revenue 2017 Journal Month-Day Page # 7-1 0.00 900.00 2,000.00 1,100.00 Interest Payable Month-Day Account # 215 Credit 0.00 3,300.00 Beginning Balance 7-31 7-1 900.00 Balance Wages Payable Month-Day Account # 210 Credit 0.00 900.00 1,100.00 Beginning Balance 7-15 7-1 Debit Debit 8,000.00 39,500.00 Beginning Balance 7-23 2 7-31 3 Credit 8,000.00 Balance 8,000.00 Cr 47,500.00 Cr 39,500.00 Cr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 220 Dividends Payable 2017 Journal Month-Day Page # 7-1 1 24,000.00 7-31 Account # 250 Journal Month-Day Page # 7-1 0.00 Cr 24,000.00 Cr 0.00 Cr Balance 0.00 Cr 35,000.00 Cr Common Stock 2017 Journal Page # Debit 7-1 Credit 50,000.00 78,000.00 Beginning Balance 1 Account # 305 Credit 0.00 35,000.00 1 Month-Day Balance 50,000.00 Cr 128,000.00 Cr Retained Earnings 2017 Journal Month-Day Page # 7-1 Debit Beginning Balance Account # 300 Balance Note Payable 2017 7-1 Credit 0.00 24,000.00 Beginning Balance 7-5 7-1 Debit Debit 48,125.00 52,650.00 Beginning Balance 7-31 4 7-31 4 7-31 4 Credit 41,540.00 24,000.00 Balance 48,125.00 100,775.00 59,235.00 35,235.00 Cr Cr Cr Cr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 400 Service Revenue 2017 Journal Page # Month-Day 7-1 1 7-10 1 7-25 2 7-27 3 7-31 3 7-31 3 7-31 4 Account # 500 2017 Journal Page # Debit 2 7-31 4 Credit 0.00 900.00 Beginning Balance 7-15 0.00 2,675.00 3,650.00 14,600.00 14,900.00 44,650.00 52,650.00 0.00 Cr Cr Cr Cr Cr Cr Cr Cr 900.00 Balance 0.00 Dr 900.00 Dr 0.00 Dr Mower Repair Expense 2017 Journal Page # Month-Day 7-1 52,650.00 Balance Supplies Expense Month-Day Account # 505 Credit 0.00 2,675.00 975.00 10,950.00 300.00 29,750.00 8,000.00 Beginning Balance 7-3 7-1 Debit Beginning Balance 7-17 2 7-31 4 Debit Credit 0.00 1,100.00 1,100.00 Balance 0.00 Dr 1,100.00 Dr 0.00 Dr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 510 Wages Expense 2017 Journal Page # Month-Day 7-1 Beginning Balance 7-7 1 7-14 2 7-21 2 7-28 3 7-31 3 7-31 4 Account # 515 Journal Page # Month-Day Beginning Balance 7-1 1 7-31 4 Account # 520 2017 Journal Page # Beginning Balance 7-31 3 7-31 4 Account # 550 26,200.00 0.00 6,000.00 11,100.00 16,550.00 22,900.00 26,200.00 0.00 Dr Dr Dr Dr Dr Dr Dr Debit Credit 0.00 500.00 500.00 Balance 0.00 Dr 500.00 Dr 0.00 Dr Debit Credit 0.00 8,000.00 8,000.00 Balance 0.00 Dr 8,000.00 Dr 0.00 Dr Interest Expense 2017 Journal Page # Month-Day 7-1 0.00 6,000.00 5,100.00 5,450.00 6,350.00 3,300.00 Balance Depreciation Expense Month-Day 7-1 Credit Truck Rental Expense 2017 7-1 Debit Beginning Balance 7-31 4 7-31 4 Debit Credit 0.00 840.00 840.00 Balance 0.00 Dr 840.00 Dr 0.00 Dr 4a15 Renee Bolduc Lenny's - July 31, 2017 Pre-Closing Trial Balance Account # Account Name Debit Credit 93,800.00 43,700.00 4,900.00 107,100.00 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 210 Interest Payable 215 Unearned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Earnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Do NOT copy cells from the Gene 18,800.00 1,100.00 0.00 0.00 39,500.00 0.00 35,000.00 12,800.00 35,235.00 105,300.00 900.00 1,100.00 26,200.00 0.00 0.00 0.00 Totals 277,700.00 CAUTION Enter amounts into the Pre-Closin by typing in the amounts. 247,735.00 Renee Bolduc Lenny's Lawn Service, Inc. Income Statement 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. for the Month Ended July 31, 2017 Service Revenue Operating Expenses: Supplies Mower Repair Wages Truck Rental Depreciation Total Operating Expenses Income from Operations 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 Interest Expense Net In $0.00 Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2017 Common Stock Retained Earnings Beginning Balance July 1, 2016 Issue Common Stock Net Income Dividends Ending Balance July 31, 2016 $0.00 $0.00 Total $0.00 0.00 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 from July 1, 2017 to July 31, 2017. Note that the Retained Earnings column on the statement looks different than the calculation you have been doing each month to determine the Retained Earnings amount needed for the Balance Sheet. Beginning Balance is the starting amount. In previous Retained Earnings calculations, you used Current Balance as the starting amount. Beginning Balance is the starting point for this calculation, because Dividends is shown as a line item (a deduction) in the Retained Earnings column. The Ending Balance in the Retained Earnings column is the balance needed for the Balance Sheet. ment of ws what Earnings ned Earnings ation you d Earnings ance is the ations, you g Balance nds is shown olumn. is the balance Renee Bolduc Lenny's Lawn Service, Inc. Balance Sheet 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. as of July 31, 2017 Assets Current Assets: Cash Accounts Receivable Supplies Note the following three new sub-totals appearing on Lenny's Balance Sheet: Total Current Assets 0.00 Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net 0.00 Total Assets $0.00 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue 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. Property & Equipment, net is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods. 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. Total Current Liabilities Long-Term Liabilities: Note Payable 0.00 Total Liabilities 0.00 Total Stockholders' Equity 0.00 Total Liabilities & Stockholders' Equity $0.00 Stockholders' Equity: Common Stock Retained Earnings Renee Bolduc Lenny's - July 31, 2017 Post-Closing Trial Balance 100 Cash CAUTION Enter amounts into the Post-Closi by typing in the amounts. 105 Accounts Receivable Do NOT copy cells from the Gene 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 210 Interest Payable 215 Unearned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Earnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Account # Account Name Debit Totals Credit 0.00 0.00 Accounting Cycle Project Solid Footing 9e Project is Activated Save>SAVING your project following these directions -------------YOURby PROJECT -- Immediately after- Activation Save your project in a file that uses your name as the file name. The file name should be in the form: LastNameFirstName-ACP For example, Mary Smith would save her project with the file name SmithMary-ACP Excel 2016 Windows, follow these directions: - Click File (top left) - Click Save As (in list on left) As you work on - Click your This project, PC (or click be Computer) sure to save your file often. - Click C:> Solid Footing 9e (center of screen) - In File name: enter LastNameFirstName-ACP Instructions: - Save as type: must beLawn Excel Macro-Enabled You will be recording the July 2017 transactions for Lenny's Service, Inc. After Workbook recording - Click Save 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: Excel 2013 Windows, follow these directions: - Click File (top left) _ July 2017 transactions and Additional Information -- Trans tab - Click Save As (in list on left) _ Chart of Accounts with Account Numbers and Account Names - Click Computer (or click This -PC)Chart Accts tab - Click _ General Journal pages -- Journal tab Solid Footing 9e (under Current Folder) - In File name: enter LastNameFirstName-ACP - Save as type: must be Exceltabs Macro-Enabled Workbook _ General Ledger -- GL Assets, GL Liab-Equity, GL Rev-Exp - Click Save _ Forms for the July 31, 2017: 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) Excel 2010 Windows, follow these directions: To Complete Your Workbook do the following: - Click File (top left) _ Print the July Transactions (click the Trans tabAs and click - Click Save (inthen list on left)the Printer Icon) name: enter LastNameFirstName-ACP Use YOUR Transaction sheets --- In do File not use another student's sheets - Save as type: must be Excel Macro-Enabled Workbook _ Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) - Click Save _ Record the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal. Look at the July 1 Notes Payable transaction, which has already been entered, for an example of how to make your entries. Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. _ To make posting from the General Journal to the General Ledger easier, it is recommended that you print the General Journal -- click the Journal tab and then click the Printer Icon. _ Post the entries from the printed General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. Record your postings directly into the General Ledger. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. See the first posting to the Cash account for an example. After you post an amount to a General Ledger account, then hand write an "X" in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted. _ Enter the "X"s, which you hand wrote on your General Journal pages, into the General Journal. Click the Journal tab and enter the "X"s in the Posted column Pg. 2 _ Determine the required adjusting entries as of July 31, 2017. The information needed for 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 adjusting entries in the General Journal. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. Put your adjusting entries on Page # 4 of the General Journal. _ Post the adjusting entries from the General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. _ Print Lenny's General Ledger by: clicking the GL Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the GL Rev-Exp tab and then clicking the Printer icon. _ Using the printed General Ledger, enter the ending account balances into the July 31, 2017 Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the July 31, 2017 Pre-Closing Trial Balance by clicking the Printer icon. _ Using the printed July 31, 2017 Pre-Closing Trial Balance, prepare the July 2017 Income Statement. Click the IS & RE tab and enter the amounts into the Income Statement. _ Using the printed General Ledger and the Net Income amount, prepare the July 2017 Statement of Stockholders' Equity. Click the IS & RE tab and enter the amounts into the Statement of Stockholders' Equity. _ Using the printed July 31, 2017 Pre-Closing Trial Balance and the Retained Earnings amount from the Statement of Stockholders' Equity, prepare the July 31, 2017 Balance Sheet. Click the BalSht tab and enter the amounts into the Balance Sheet. _ Prepare the closing entries. Click the Journal tab and enter the closing entries into the General Journal. Place your closing entries on Page # 5 of the General Journal. _ Post the closing entries from the General Journal to the General Ledger accounts. Click the GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. _ Click the Post Close TB tab and prepare the July 31, 2017 Post-Closing Trial Balance. Your project is complete! Your instructor will provide you with directions on how to submit your project. Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2017 Transactions Date July 1 July 1 July 1 July 1 July 3 July 5 July 7 July 10 July 12 July 14 July 15 July 15 July 17 July 19 July 20 July 21 July 23 July 25 July 27 July 27 July 28 July 31 July 31 Additional Information Equipment: Supplies: Mowing Service at the University: Wages Due the Employees: Bank Loan: Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2017 Transactions Description of the Transaction 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.) Receive $78,000.00 cash from new investors, and issue $78,000.00 of Common Stock to them. Purchase $59,100.00 of new mowing equipment, paying cash to the mower dealer. Pay $500.00 cash for the July truck rental. Invoice a new customer $2,675.00 for a completed mowing job -- customer will pay in 10 days. The Board of Directors declares a cash dividend. The total amount of the dividend is $24,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. Pay the employees $6,000.00 for work performed during the 1st week of July. Complete a mowing job for a new customer -- customer pays $975.00 cash for the job. Collect $3,500.00 cash from the golf course for special rush mowing job completed on May 31. Pay the employees $5,100.00 for work performed during the 2nd week of July. Purchase $900.00 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. Collect $2,675.00 on account. The cash that is received is from the new customer for the job that was completed on July 3. One of the original mowers purchased in January of 2016 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $1,110.00. Lenny's will pay the mower dealer in 30 days. Purchase for cash $31,000.00 of supplies. These supplies will be consumed over the next 12 months. Collect $30,000.00 from the property management company for work performed in June. Pay the employees $5,450.00 for work performed during the 3rd week of July. Receive a $39,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2017 to January 31, 2018. Complete a special mowing job for the golf course. The total price for the mowing job is $10,950.00. The golf course pays $4,000.00 cash on this date and will pay the remainder on August 25. Complete a mowing job for a new customer -- customer pays $300.00 cash for the job. Pay $900.00 cash to the mower dealer for the supplies purchased on account on July 15. Pay the employees $6,350.00 for work performed during the 4th week of July. Invoice the property management company $29,750.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. Pay the cash dividend which was declared on July 5. Additional Information The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2016. For information related to this mowing equipment see Page 70 in the Solid Footing book. 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, 2017: The new equipment was placed into service on July 1, 2017 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. At the end of July there are $26,100.00 supplies on-hand. The monthly mowing service was provided to the university per the contract signed on April 1, 2017. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. The last wage payment was made to the employees on July 28, 2017. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $3,300.00 of wages. These three days of wages will be paid to the workers during the first week of August. 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, 2017. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $840.00. Lenny's Lawn Service, Inc. - Chart of Accounts Account # 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 Account Name 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 Renee Bolduc Lenny's Lawn Service, Inc. - General Journal Page # 1 2017 Account Month-Day Number 7-1 100 250 Account Name Cash Notes Payable Posted X Debit Credit 35,000.00 35,000.00 X Borrowed on Note Payable 7-1 100 300 Cash X 78,000.00 780,000.00 Common Stock Stockholder's Investment 7-1 150 100 59,100.00 Equiptment Cash 59,100.00 X Buy Equiptment 7-1 515 100 500.00 Truck Rental Expense Cash 500.00 X Payment for Truck Rental 7-3 105 Accounts Recievable 400 Service Revenue X 2,675.00 2,675.00 Job accompished/per service due 7-5 600 220 24,000.00 Dividends 24,000.00 Dividends Payable Dividends announced by company 7-7 510 100 6,000.00 Wages Expense Cash 6,000.00 X Pay Employees first week Wages 7-10 100 400 Cash X 975.00 975.00 Service Revenue Mowing Job Revenue 7-12 100 105 Cash Accounts Recievable Payed by golf club X X 3,500.00 3,500.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 2017 Account Month-Day Number 7-14 510 100 Account Name Posted Credit 5,100.00 Wage Expense Cash Debit 5,100.00 X Pay Employee Second week Wages 7-15 500 100 900.00 Supplies Expense 900.00 Accounts Payable Buy Supplies X 7-15 100 2,675.00 Cash 2,675.00 Accounts Recievable Payment for July Third 7-17 505 1,100.00 Mower Repair Expense 1,100.00 Account Payable Repairs 7-19 500 Supplies X Cash X 31,000.00 31,000.00 12 Months of Purchased Supplies 7-20 100 105 Cash Accounts Recievable X 30,000.00 30,000.00 X Property Management Payment 7-21 510 100 5,450.00 Wage Expense Cash 5,450.00 X Pay Employees Third Week Wages 7-23 100 215 Cash X 39,500.00 39,500.00 Unearned Revenue Advanced Payment from University 7-25 100 Cash 105 Accounts Receivable Service Revenue X 4,000.00 6,950.00 10,950.00 Lenny's Lawn Service, Inc. - General Journal Page # 3 2017 Account Month-Day Number 7-27 100 400 Account Name Cash Posted X Debit Credit 300.00 300.00 Service Revenue New Customer Job 7-27 200 100 900.00 Accout Payable Cash 900.00 X Supplies Payment for July 15 7-28 510 100 6,350.00 Wage Expense Cash 6,350.00 X Pay Employees Fourth Week Wages 7-31 105 Accounts Recievable 400 Service Revenue X 29,750.00 29,750.00 Mowing Job 7-31 220 100 24,000.00 Dividends Payable Cash 24,000.00 X Payment of Dividends from July Fourth 7-31 520 110 8,000.00 Depreciation Expense 8,000.00 Accumulated Depreciation Adjustment Entry for Depreciation 7-31 500 110 4,900.00 Supplies Expense Supplies 4,900.00 X Adjustments Entry for Supplies 7-31 215 Unearned Revenue X 8,000.00 8,000.00 Service Revenue Adjustment Entry Revenue 7-31 510 Wage Expense Wages Payable Adjustment Entry for Wages 3,300.00 3,300.00 Lenny's Lawn Service, Inc. - General Journal Page # 4 2017 Account Month-Day Number 7-31 550 210 Account Name Interest Expense Posted Debit Credit 840.00 840.00 Interest Payable Adjustment Entry for Interest 7-31 400 305 Service Revenue 52,650.00 52,650.00 Retained Earnings Closing Entry for Revenue 7-31 305 Retained Earnings 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense 41,540.00 4,900.00 1,100.00 26,200.00 500.00 8,000.00 840.00 Closing Entry for Retained Earnings 7-31 305 600 Retained Earnings Dividends 24,000.00 24,000.00 Lenny's Lawn Service, Inc. - General Journal Page # 5 2017 Account Month-Day Number Account Name Posted Debit Credit Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 100 Cash 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-1 1 7-1 1 7-1 1 7-1 1 7-7 1 7-10 1 7-12 1 7-14 2 7-15 2 7-19 2 7-20 2 7-21 2 7-23 2 7-25 2 7-27 3 7-27 3 7-28 3 7-31 3 Account # 105 Credit 38,250.00 35,000.00 78,000.00 59,100.00 500.00 6,000.00 975.00 3,500.00 5,100.00 2,675.00 31,000.00 30,000.00 5,450.00 39,500.00 4,000.00 300.00 900.00 6,350.00 24,000.00 Balance 38,250.00 73,250.00 151,250.00 92,150.00 91,650.00 85,650.00 86,625.00 90,125.00 85,025.00 87,700.00 56,700.00 86,700.00 81,250.00 120,750.00 124,750.00 125,050.00 124,150.00 117,800.00 93,800.00 Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Accounts Receivable 2017 Journal Month-Day Page # 7-1 Debit Beginning Balance 7-3 1 7-12 1 7-15 2 7-20 2 7-25 3 7-31 3 Debit Credit 33,500.00 2,675.00 3,500.00 2,675.00 30,000.00 6,950.00 29,750.00 Balance 33,500.00 36,175.00 39,675.00 37,000.00 7,000.00 13,950.00 43,700.00 Dr Dr Dr Dr Dr Dr Dr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 110 Supplies 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-19 2 7-31 3 Account # 150 2017 Journal Page # Beginning Balance 7-1 1 Account # 155 2017 Journal Page # 7-31 4,375.00 31,000.00 4,900.00 Balance 4,375.00 Dr 35,375.00 Dr 30,475.00 Dr Debit Credit 48,000.00 59,100.00 Balance 48,000.00 Dr 107,100.00 Dr Accumulated Depreciation Month-Day 7-1 Credit Equipment Month-Day 7-1 Debit Beginning Balance Debit Credit 18,000.00 800.00 Balance 18,000.00 Cr 18,800.00 Cr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 200 Accounts Payable 2017 Journal Month-Day Page # 7-1 2 7-17 2 7-27 3 Account # 205 2017 Journal Page # Debit 3 2017 Journal Page # Debit Credit 0.00 840.00 Beginning Balance 7-31 Cr Cr Cr Cr Balance 0.00 Cr 3,300.00 Cr Balance 0.00 Cr 840.00 Cr Unearned Revenue 2017 Journal Month-Day Page # 7-1 0.00 900.00 2,000.00 1,100.00 Interest Payable Month-Day Account # 215 Credit 0.00 3,300.00 Beginning Balance 7-31 7-1 900.00 Balance Wages Payable Month-Day Account # 210 Credit 0.00 900.00 1,100.00 Beginning Balance 7-15 7-1 Debit Debit 8,000.00 39,500.00 Beginning Balance 7-23 2 7-31 3 Credit 8,000.00 Balance 8,000.00 Cr 47,500.00 Cr 39,500.00 Cr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 220 Dividends Payable 2017 Journal Month-Day Page # 7-1 1 24,000.00 7-31 Account # 250 Journal Month-Day Page # 7-1 0.00 Cr 24,000.00 Cr 0.00 Cr Balance 0.00 Cr 35,000.00 Cr Common Stock 2017 Journal Page # Debit 7-1 Credit 50,000.00 78,000.00 Beginning Balance 1 Account # 305 Credit 0.00 35,000.00 1 Month-Day Balance 50,000.00 Cr 128,000.00 Cr Retained Earnings 2017 Journal Month-Day Page # 7-1 Debit Beginning Balance Account # 300 Balance Note Payable 2017 7-1 Credit 0.00 24,000.00 Beginning Balance 7-5 7-1 Debit Debit 48,125.00 52,650.00 Beginning Balance 7-31 4 7-31 4 7-31 4 Credit 41,540.00 24,000.00 Balance 48,125.00 100,775.00 59,235.00 35,235.00 Cr Cr Cr Cr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 400 Service Revenue 2017 Journal Page # Month-Day 7-1 1 7-10 1 7-25 2 7-27 3 7-31 3 7-31 3 7-31 4 Account # 500 2017 Journal Page # Debit 2 7-31 4 Credit 0.00 900.00 Beginning Balance 7-15 0.00 2,675.00 3,650.00 14,600.00 14,900.00 44,650.00 52,650.00 0.00 Cr Cr Cr Cr Cr Cr Cr Cr 900.00 Balance 0.00 Dr 900.00 Dr 0.00 Dr Mower Repair Expense 2017 Journal Page # Month-Day 7-1 52,650.00 Balance Supplies Expense Month-Day Account # 505 Credit 0.00 2,675.00 975.00 10,950.00 300.00 29,750.00 8,000.00 Beginning Balance 7-3 7-1 Debit Beginning Balance 7-17 2 7-31 4 Debit Credit 0.00 1,100.00 1,100.00 Balance 0.00 Dr 1,100.00 Dr 0.00 Dr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 510 Wages Expense 2017 Journal Page # Month-Day 7-1 Beginning Balance 7-7 1 7-14 2 7-21 2 7-28 3 7-31 3 7-31 4 Account # 515 Journal Page # Month-Day Beginning Balance 7-1 1 7-31 4 Account # 520 2017 Journal Page # Beginning Balance 7-31 3 7-31 4 Account # 550 26,200.00 0.00 6,000.00 11,100.00 16,550.00 22,900.00 26,200.00 0.00 Dr Dr Dr Dr Dr Dr Dr Debit Credit 0.00 500.00 500.00 Balance 0.00 Dr 500.00 Dr 0.00 Dr Debit Credit 0.00 8,000.00 8,000.00 Balance 0.00 Dr 8,000.00 Dr 0.00 Dr Interest Expense 2017 Journal Page # Month-Day 7-1 0.00 6,000.00 5,100.00 5,450.00 6,350.00 3,300.00 Balance Depreciation Expense Month-Day 7-1 Credit Truck Rental Expense 2017 7-1 Debit Beginning Balance 7-31 4 7-31 4 Debit Credit 0.00 840.00 840.00 Balance 0.00 Dr 840.00 Dr 0.00 Dr 4a15 Renee Bolduc Lenny's - July 31, 2017 Pre-Closing Trial Balance Account # Account Name Debit Credit 93,800.00 43,700.00 4,900.00 107,100.00 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 210 Interest Payable 215 Unearned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Earnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Do NOT copy cells from the Gene 18,800.00 1,100.00 0.00 0.00 39,500.00 0.00 35,000.00 12,800.00 35,235.00 105,300.00 900.00 1,100.00 26,200.00 0.00 0.00 0.00 Totals 277,700.00 CAUTION Enter amounts into the Pre-Closin by typing in the amounts. 247,735.00 Renee Bolduc Lenny's Lawn Service, Inc. Income Statement 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. for the Month Ended July 31, 2017 Service Revenue Operating Expenses: Supplies Mower Repair Wages Truck Rental Depreciation Total Operating Expenses Income from Operations 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 Interest Expense Net In $0.00 Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2017 Common Stock Retained Earnings Beginning Balance July 1, 2016 Issue Common Stock Net Income Dividends Ending Balance July 31, 2016 $0.00 $0.00 Total $0.00 0.00 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 from July 1, 2017 to July 31, 2017. Note that the Retained Earnings column on the statement looks different than the calculation you have been doing each month to determine the Retained Earnings amount needed for the Balance Sheet. Beginning Balance is the starting amount. In previous Retained Earnings calculations, you used Current Balance as the starting amount. Beginning Balance is the starting point for this calculation, because Dividends is shown as a line item (a deduction) in the Retained Earnings column. The Ending Balance in the Retained Earnings column is the balance needed for the Balance Sheet. ment of ws what Earnings ned Earnings ation you d Earnings ance is the ations, you g Balance nds is shown olumn. is the balance Renee Bolduc Lenny's Lawn Service, Inc. Balance Sheet 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. as of July 31, 2017 Assets Current Assets: Cash Accounts Receivable Supplies Note the following three new sub-totals appearing on Lenny's Balance Sheet: Total Current Assets 0.00 Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net 0.00 Total Assets $0.00 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue 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. Property & Equipment, net is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods. 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. Total Current Liabilities Long-Term Liabilities: Note Payable 0.00 Total Liabilities 0.00 Total Stockholders' Equity 0.00 Total Liabilities & Stockholders' Equity $0.00 Stockholders' Equity: Common Stock Retained Earnings Renee Bolduc Lenny's - July 31, 2017 Post-Closing Trial Balance 100 Cash CAUTION Enter amounts into the Post-Closi by typing in the amounts. 105 Accounts Receivable Do NOT copy cells from the Gene 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 210 Interest Payable 215 Unearned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Earnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Account # Account Name Debit Totals Credit 0.00 0.00 Accounting Cycle Project Solid Footing 9e Project is Activated Save your project by following these directions - - - - - - - - - - - - - - >SAVING YOUR PROJECT -- Immediately after Activation Save your project in a file that uses your name as the file name. The file na the form: LastNameFirstName-ACP For example, Mary Smith would save with the file name SmithMary-ACP Excel 2016 Windows, follow these directions: - Click File (top left) Click Save (in listyour on left)file often. As you work on your project, -be sure toAs save - Click This PC (or click Computer) - Click C:> Solid Footing 9e (center of screen) Instructions: - In File name: enter LastNameFirstName-ACP You will be recording the July 2017 transactions for Lenny's Lawn Service, Inc. After recording - Save as type: must be Excel Macro-Enabled Workbook the July transactions you will be preparing a Pre-Closing- Trial ClickBalance, Save Income Statement, Statement of Stockholders' Equity, Balance Sheet, and Post-Closing Trial Balance. You are given the following: _ July 2017 transactions and Additional Information -- Excel Trans 2013 tab Windows, follow these directions: - Click File (top left) _ Chart of Accounts with Account Numbers and Account- Click Names -- As Chart Accts tab Save (in list on left) - Click Computer (or click This PC) - Click Solid Footing 9e (under Current Folder) File name: _ General Ledger -- GL Assets, GL Liab-Equity, GL- In Rev-Exp tabsenter LastNameFirstName-ACP - Save as type: must be Excel Macro-Enabled Workbook _ Forms for the July 31, 2017: Pre-Closing Trial Balance (Trial Bal tab), Income Statement and - Click Save Calculation of Retained Earnings (IS & RE tab), Balance Sheet (BalSht tab), and Post-Closing Trial Balance (Post Close TB tab) _ General Journal pages -- Journal tab To Complete Your Workbook do the following: Excel 2010 Windows, follow these directions: - Click left) Icon) _ Print the July Transactions (click the Trans tab and then clickFile the(top Printer - Click Save As (in list on left) Use YOUR Transaction sheets -- do not use another student's sheets - In File name: enter LastNameFirstName-ACP _ Print the Chart of Accounts (click the Chart Accts tab- and then Printer Icon) Macro-Enabled Workbook Save as click type:the must be Excel - Click Save _ Record the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal. Look at the July 1 Notes Payable transaction, which has already been entered, for an example of how to make your entries. Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. _ To make posting from the General Journal to the General Ledger easier, it is recommended that you print the General Journal -- click the Journal tab and then click the Printer Icon. _ Post the entries from the printed General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. Record your postings directly into the General Ledger. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. See the first posting to the Cash account for an example. After you post an amount to a General Ledger account, then hand write an "X" in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted. _ Enter the "X"s, which you hand wrote on your General Journal pages, into the General Journal. Click the Journal tab and enter the "X"s in the Posted column Pg. 2 _ Determine the required adjusting entries as of July 31, 2017. The information needed for 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 adjusting entries in the General Journal. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. Put your adjusting entries on Page # 4 of the General Journal. _ Post the adjusting entries from the General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. _ Print Lenny's General Ledger by: clicking the GL Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the GL Rev-Exp tab and then clicking the Printer icon. _ Using the printed General Ledger, enter the ending account balances into the July 31, 2017 Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the July 31, 2017 Pre-Closing Trial Balance by clicking the Printer icon. _ Using the printed July 31, 2017 Pre-Closing Trial Balance, prepare the July 2017 Income Statement. Click the IS & RE tab and enter the amounts into the Income Statement. _ Using the printed General Ledger and the Net Income amount, prepare the July 2017 Statement of Stockholders' Equity. Click the IS & RE tab and enter the amounts into the Statement of Stockholders' Equity. _ Using the printed July 31, 2017 Pre-Closing Trial Balance and the Retained Earnings amount from the Statement of Stockholders' Equity, prepare the July 31, 2017 Balance Sheet. Click the BalSht tab and enter the amounts into the Balance Sheet. _ Prepare the closing entries. Click the Journal tab and enter the closing entries into the General Journal. Place your closing entries on Page # 5 of the General Journal. _ Post the closing entries from the General Journal to the General Ledger accounts. Click the GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. _ Click the Post Close TB tab and prepare the July 31, 2017 Post-Closing Trial Balance. Your project is complete! Your instructor will provide you with directions on how to submit your project. Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2017 Transactions Date July 1 July 1 July 1 July 1 July 3 July 5 July 7 July 10 July 12 July 14 July 15 July 15 July 17 July 19 July 20 July 21 July 23 July 25 July 27 July 27 July 28 July 31 July 31 Additional Information Equipment: Supplies: Mowing Service at the University: Wages Due the Employees: Bank Loan: Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2017 Transactions Description of the Transaction 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.) Receive $78,000.00 cash from new investors, and issue $78,000.00 of Common Stock to them. Purchase $59,100.00 of new mowing equipment, paying cash to the mower dealer. Pay $500.00 cash for the July truck rental. Invoice a new customer $2,675.00 for a completed mowing job -- customer will pay in 10 days. The Board of Directors declares a cash dividend. The total amount of the dividend is $24,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. Pay the employees $6,000.00 for work performed during the 1st week of July. Complete a mowing job for a new customer -- customer pays $975.00 cash for the job. Collect $3,500.00 cash from the golf course for special rush mowing job completed on May 31. Pay the employees $5,100.00 for work performed during the 2nd week of July. Purchase $900.00 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. Collect $2,675.00 on account. The cash that is received is from the new customer for the job that was completed on July 3. One of the original mowers purchased in January of 2016 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $1,110.00. Lenny's will pay the mower dealer in 30 days. Purchase for cash $31,000.00 of supplies. These supplies will be consumed over the next 12 months. Collect $30,000.00 from the property management company for work performed in June. Pay the employees $5,450.00 for work performed during the 3rd week of July. Receive a $39,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2017 to January 31, 2018. Complete a special mowing job for the golf course. The total price for the mowing job is $10,950.00. The golf course pays $4,000.00 cash on this date and will pay the remainder on August 25. Complete a mowing job for a new customer -- customer pays $300.00 cash for the job. Pay $900.00 cash to the mower dealer for the supplies purchased on account on July 15. Pay the employees $6,350.00 for work performed during the 4th week of July. Invoice the property management company $29,750.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. Pay the cash dividend which was declared on July 5. Additional Information The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2016. For information related to this mowing equipment see Page 70 in the Solid Footing book. 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, 2017: The new equipment was placed into service on July 1, 2017 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. At the end of July there are $26,100.00 supplies on-hand. The monthly mowing service was provided to the university per the contract signed on April 1, 2017. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. The last wage payment was made to the employees on July 28, 2017. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $3,300.00 of wages. These three days of wages will be paid to the workers during the first week of August. 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, 2017. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $840.00. Lenny's Lawn Service, Inc. - Chart of Accounts Account # 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 Account Name 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 Renee Bolduc Lenny's Lawn Service, Inc. - General Journal Page # 1 2017 Account Month-Day Number 7-1 100 250 Account Name Cash Notes Payable Posted X Debit Credit 35,000.00 35,000.00 X Borrowed on Note Payable 7-1 100 300 Cash X 78,000.00 78,000.00 Common Stock Stockholder's Investment 7-1 150 100 59,100.00 Equiptment Cash 59,100.00 X Buy Equiptment 7-1 515 100 500.00 Truck Rental Expense Cash 500.00 X Payment for Truck Rental 7-3 105 Accounts Recievable 400 Service Revenue X 2,675.00 2,675.00 Job accompished/per service due 7-5 600 220 24,000.00 Dividends 24,000.00 Dividends Payable Dividends announced by company 7-7 510 100 6,000.00 Wages Expense Cash 6,000.00 X Pay Employees first week Wages 7-10 100 400 Cash X 975.00 975.00 Service Revenue Mowing Job Revenue 7-12 100 105 Cash Accounts Recievable Payed by golf club X X 3,500.00 3,500.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 2017 Account Month-Day Number 7-14 510 100 Account Name Posted Credit 5,100.00 Wage Expense Cash Debit 5,100.00 X Pay Employee Second week Wages 7-15 500 100 900.00 Supplies Expense 900.00 Accounts Payable Buy Supplies X 7-15 100 2,675.00 Cash 2,675.00 Accounts Recievable Payment for July Third 7-17 505 1,100.00 Mower Repair Expense 1,100.00 Account Payable Repairs 7-19 500 Supplies X Cash X 31,000.00 31,000.00 12 Months of Purchased Supplies 7-20 100 105 Cash Accounts Recievable X 30,000.00 30,000.00 X Property Management Payment 7-21 510 100 5,450.00 Wage Expense Cash 5,450.00 X Pay Employees Third Week Wages 7-23 100 215 Cash X 39,500.00 39,500.00 Unearned Revenue Advanced Payment from University 7-25 100 Cash 105 Accounts Receivable Service Revenue X 4,000.00 6,950.00 10,950.00 Lenny's Lawn Service, Inc. - General Journal Page # 3 2017 Account Month-Day Number 7-27 100 400 Account Name Cash Posted X Debit Credit 300.00 300.00 Service Revenue New Customer Job 7-27 200 100 900.00 Accout Payable Cash 900.00 X Supplies Payment for July 15 7-28 510 100 6,350.00 Wage Expense Cash 6,350.00 X Pay Employees Fourth Week Wages 7-31 105 Accounts Recievable 400 Service Revenue X 29,750.00 29,750.00 Mowing Job 7-31 220 100 24,000.00 Dividends Payable Cash 24,000.00 X Payment of Dividends from July Fourth 7-31 520 110 8,000.00 Depreciation Expense 8,000.00 Accumulated Depreciation Adjustment Entry for Depreciation 7-31 500 110 9,275.00 Supplies Expense Supplies 9,275.00 X Adjustments Entry for Supplies 7-31 215 Unearned Revenue X 8,000.00 8,000.00 Service Revenue Adjustment Entry Revenue 7-31 510 Wage Expense Wages Payable Adjustment Entry for Wages 3,300.00 3,300.00 Lenny's Lawn Service, Inc. - General Journal Page # 4 2017 Account Month-Day Number 7-31 550 210 Account Name Interest Expense Posted Debit Credit 840.00 840.00 Interest Payable Adjustment Entry for Interest 7-31 400 305 Service Revenue 52,650.00 52,650.00 Retained Earnings Closing Entry for Revenue 7-31 305 Retained Earnings 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense 46,815.00 10,175.00 1,100.00 26,200.00 500.00 8,000.00 840.00 Closing Entry for Retained Earnings 7-31 305 600 Retained Earnings Dividends 24,000.00 24,000.00 Lenny's Lawn Service, Inc. - General Journal Page # 5 2017 Account Month-Day Number Account Name Posted Debit Credit Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 100 Cash 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-1 1 7-1 1 7-1 1 7-1 1 7-7 1 7-10 1 7-12 1 7-14 2 7-15 2 7-19 2 7-20 2 7-21 2 7-23 2 7-25 2 7-27 3 7-27 3 7-28 3 7-31 3 Account # 105 Credit 38,250.00 35,000.00 78,000.00 59,100.00 500.00 6,000.00 975.00 3,500.00 5,100.00 2,675.00 31,000.00 30,000.00 5,450.00 39,500.00 4,000.00 300.00 900.00 6,350.00 24,000.00 Balance 38,250.00 73,250.00 151,250.00 92,150.00 91,650.00 85,650.00 86,625.00 90,125.00 85,025.00 87,700.00 56,700.00 86,700.00 81,250.00 120,750.00 124,750.00 125,050.00 124,150.00 117,800.00 93,800.00 Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Accounts Receivable 2017 Journal Month-Day Page # 7-1 Debit Beginning Balance 7-3 1 7-12 1 7-15 2 7-20 2 7-25 3 7-31 3 Debit Credit 33,500.00 2,675.00 3,500.00 2,675.00 30,000.00 6,950.00 29,750.00 Balance 33,500.00 36,175.00 32,675.00 30,000.00 0.00 6,950.00 36,700.00 Dr Dr Dr Dr Dr Dr Dr Renee Bolduc Lenny's Lawn Service, Inc. - General Ledger Account # 110 Supplies 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-19