REQUIREMENT #1:
During its first month of operation, the Parkview Landscaping Corporation, which specializes in residential landscaping,
completed the following transactions:
July 1	Began business by making a deposit in a company bank account of $24,000, in exchange
	for 4,800 shares of $5 par value common stock.
July 1	Paid the premium on a one-year insurance policy, $2,400.
July 1	Paid the current month's rent, $2,080.
July 3	Purchased landscaping equipment from Brookwood Company, $8,800. Paid $1,200 down and the balance was
	placed on account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1.
	Note: Use Accounts Payable for the Balance Due.
July 8	Purchased landscaping supplies from Lakeside Company on credit, $780.
July 12	Paid utility bill for July, $308.
July 16	Received cash for landscaping revenue for the first half of July, $2,724.
July 19	Made payment on account to Lakeside Company, $400.
July 31	Received cash for landscaping revenue for the last half of July, $2,620.
July 31	Declared and paid cash dividend of $1,600.
Prepare journal entries to record the July transactions in the General Journal below.

			General Journal
Date	Description(Account Name)			Debit	Credit
1-Jul	Cash			24000
1-Jul	Common Stock				24000
1-Jul	Prepaid Insurance			2400
1-Jul	Cash				2400
1-Jul	Rent Expense			2080
1-Jul	Cash				2080
3-Jul	Landscaping Equipment			8800
3-Jul	Cash				1200
3-Jul	Accounts Payable				7600
8-Jul	Landscaping Supplies			780
8-Jul	Accounts Payable				780
12-Jul	Utility Expense			308
12-Jul	Cash				308
16-Jul	Cash			2724
16-Jul	Landscaping Revenue				2724
19-Jul	Acounts Payable			400
19-Jul	Cash				400
31-Jul	Cash			2620
31-Jul	Landscaping Revenue				2620
31-Jul	Dividends			1600
31-Jul	Cash				1600
				45712	45712

Use the following account names for journal entries.
Chart of Accounts: Account Title (Normal Balance)
Assets
	Cash (Debit)
	Prepaid Insurance (Debit)
	Landscaping Supplies (Debit)
	Landscaping Equipment (Debit)
	Accum Depr -Equipment (Credit)
Liabilities
	Accounts Payable (Credit)
	Income Tax Payable (Credit)
Stockholders Equity
	Common Stock (Credit)
	Retained Earnings (Credit)
	Dividends (Debit)
Revenue
	Landscaping Revenue (Credit)
Expenses
	Rent Expense (Debit)
	Utility Expense (Debit)
	Insurance Expense (Debit)
	Supplies Expense (Debit)
	Depreciation Expense (Debit)
	Income Tax Expense (Debit)

This Sheet will be used for Requirements 2, 5, and 9
REQUIREMENT #2:
Post the July journal entries to the following T-Accounts and compute ending balances.
Cash (111)			Landscaping Revenue (411)
DR	CR		DR	CR
24000	2400			2724
2724	2080			2620
2620	1200
	308
	400
	1600
21356				5344
Prepaid Insurance (117)			Rent Expense (511)
DR	CR		DR	CR
2400			2080
2400
Landscaping Supplies (119)			Utility Expense (512)
DR	CR		DR	CR
780			308
Landscaping Equipment (144)			Insurance Expense (513)
DR	CR		DR	CR
7600
Accum. Depr.-Equipment (145)			Supplies Expense (514)
DR	CR		DR	CR
Accounts Payable (212)			Depreciation Expense (515)
DR	CR		DR	CR
400	7600
	780
Income Taxes Payable (213)			Income Taxes Expense (516)
DR	CR		DR	CR
Common Stock (311)
DR	CR
	24000
Retained Earnings (312)
DR	CR
Dividends (313)
DR	CR
1600

REQUIREMENT #3:
Prepare a trial balance for July in the space below.
Parkview Landscaping Corporation
Trial Balance
July 31
	Dr	CR
Cash	21356
Prepaid Ins	2200
Landscaping Supp	780
Landscaping Equip	8800
Accts Payable		7980
Common Stock		24000
Landscaping Rev		5344
Rent Exp	2080
Utility Exp	308
Insurance Exp	200
Dividend Paid	1600
	37324	37324

Requirement #4:
Prepare adjusting entries using the following information in the General Journal
below. Show your calculations!
a) One month's insurance has expired.
b) The remaining inventory of landscaping supplies is $388.
c) The estimated depreciation on landscaping equipment is $140.
d) The estimated income taxes are $80.
		General Journal
Date	Description(Account Name)			Debit	Credit
Requirement #5:
Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.
Just add to the balances that are already listed.

Requirement #6:
Prepare an Adjusted Trial Balance in the space below.
Parkview Landscaping Corporation
Adjusted Trial Balance
July 31
	0	0

Prepare the financial statements for Parkview Landscaping Corporation as of July 31 in the space below.
You will only be preparing the Income Statement, Statement of Retained Earnings and the Balance Sheet.
The Statement of Cash Flows is a required Financial Statement, but is not required for this Project.
Parkview Landscaping Corporation				Parkview Landscaping Corporation			Parkview Landscaping Corporation
Income Statement				Statement of Retained Earnings			Balance Sheet
For the Month Ending July 31				For the Month Ending July 31			July 31
Revenues:				Retained Earnings, July 1			Assets:
Landscaping Revenue				Add: Net Income			Cash
				Subtotal			Prepaid Insurance
Expenses:				Less: Dividends			Landscaping Supplies
Rent Expense				Retained Earnings, July 31			Landscaping Equipment
Utility Expense							Less: Accum. Depr.
Insurance Expense							Total Assets
Supplies Expense
Depreciation Expense							Liabilities:
Income Taxes Expense							Accounts Payable
Total Expenses							Income Taxes Payable
							Total Liabilities
Net Income							Stockholders' Equity:
							Common Stock
							Retained Earnings
							Total Stockholders' Equity
							Total Liabilities &
							Stockholders' Equity

Requirement #8:
Prepare the closing entries at July 31 in the General Journal below.
Hint: use the balances for each account which appear on the Adjusted
Trial Balance for your closing entries.
		General Journal
Date	Description (Account Name)			Debit	Credit
Requirement #9:
Post the closing entries to the General Ledger T-accounts and compute ending balances.
Just add to the adjusted balances already listed.

Requirement #10:
Prepare a post-closing trial balance as of July 31 in the space below.
Parkview Landscaping Corporation
Post-Closing Trial Balance
July 31