Question
Requirement #6: Prepare an Adjusted Trial Balance in the space below. Parkview Landscaping Corporation Adjusted Trial Balance July 31 July 1 Began business by making
Requirement #6:
Prepare an Adjusted Trial Balance in the space below.
Parkview Landscaping Corporation Adjusted Trial Balance July 31
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.
Debit: Cash 24,000
Credit: Common Stock 24,000 July 1 Paid the premium on a one-year insurance policy, $2,400.
Debit Prepaid Insurance 2,400
Credit Cash 2,400 July 1 Paid the current month's rent, $2,080.
Debit Rent Expense 2,080
Credit Cash 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.
Debit Landscaping Equipment 8,800
Credit Cash 1,200
Credit Accounts Payable 7,600 July 8 Purchased landscaping supplies from Lakeside Company on credit, $780.
Debit Landscaping Supplies 780
Credit Accounts Payable 780 July 12 Paid utility bill for July, $308.
Debit Utility Expense 308
Credit Cash 308 July 16 Cash landscaping revenue for the first half of July, $2,724.
Debit Cash 2,724
Credit Landscaping Revenue 2,724 July 19 Made payment on account to Lakeside Company, $400.
Debit Accounts Payable 400
Credit Cash 400 July 31 Cash landscaping revenue for the last half of July, $2,620.
Debit Cash 2,620
Credit Landscaping Revenue 2,620 July 31 Declared and paid cash dividend of $1,600.
Debit Retained Earnings 1,600
Credit Cash 1,600
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