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Prepare the journal entries for all transactions including the 15 transactions during the period and the 5 adjusting journal entries. (10 Points)
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Prepare T Accounts with updated final balances for each account used by TLC (5 Points)
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Post the T Account balances to create an Adjusted Trial Balance as of September 30, 2021 (5
Points)
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Create the 3 Financial Statements using the Adjusted Trial Balance for TLC as of September 30, 2021
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Income Statement (4 Points)
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Statement of SH Equity (2 Points)
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Balance Sheet (4 Points)
11. September 18th - Provided lawn and landscaping services for various customers and received cash, $40,000 12. September 22nd - Purchased equipment with cash, $100,000 13. September 29th Issued additional shares of Common Stock and receive $50,000 cash 14. September 29th Paid $5,000 in cash for prior Accounts Payable balances 15. September 30th Paid dividends to shareholders, $5,000 Adjusting Entries - 5 transactions at End of Period - Note: 3rd quarter is the July 1, 2021 to September 30, 2021 time period (i.e., 3 months). 16. September 30th Need to record insurance expense for the 3rd quarter. 17. September 30th - Supplies balance on hand at end of 3rd quarter = $25,000. Need to record supplies expense for 3rd quarter. 18. September 30th The Sales Department let you know that $10,000 of lawn services had been provided in 3rd quarter for customers that had previously paid in advance. 19. September 30th - Salaries incurred, but not yet paid at end of 3rd quarter, $11,000. Need to record salary accrual adjustment. 20. September 30th Notes Payable of $100,000 has an interest rate of 6% annually. The interest payment is made 1 time per year on January 1st. Need to record 3rd quarter interest expense. Opening Trial Balance TLC-6/30/2021 (Note: all 20 accounts used are in this Trial Balance) Tarleton Landscaping Company Opening Trial Balance - 6/30/21 Debits Credits 30,000 45,000 40,000 400,000 10,000 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Supplies 5 Equipment 6 Accounts Payable 7 Salaries Payable Interest Payable 9 Deferred Revenue 10 Notes Payable 11 Common Stock 12 Retained Earnings 13 Revenue 14 Salaries Expense 15 Supplies Expense 16 Insurance Expense 17 Advertising Expense 18 Utlities Expense 19 Interest Expense 20 Dividends Totals 5,000 100,000 250,000 150,000 515,000 515,000 List of Transactions regular during the period transactions (15) 1. July1st - Paid $12,000 in cash for insurance for the upcoming year (7/1/21 to 6/30/22) 2. July 7th Provided lawn and landscaping services for various customers and received cash, $50,000 3. July 15th Provided lawn and landscaping services for customers on account, $75,000 4. July 30th Received cash in advance from customers for whom they will provide services at a later date. Amount received was $18,000 5. August 10th Paid employee salaries in cash, $63,000 6. August 20th Purchased supplies on account, $15,000 7. August 31st - Collected cash from customers that had been on account, $100,000 8. September 7th Paid advertising costs in cash, $10,000 9. September 14th Paid on accounts payable balances related to supplies, $15,000 10. September 15th Paid utility costs in cash, $5,000
