Rosenstock Landscaping Corp. sold stock for $70,000

Purchased trailer, mowers for $15,000 with $5,000 down & the rest on a 18% apr 5-year Note

Purchased a truck for $30,000 cash

Prepaid a one year insurance policy on the truck for $2,400 to be expensed monthly

Paid cash for gas $200

Hired a helper at a $36,000 annual salary to be paid on the last day of each month

Received a deposit of $1,000 for future lawn services

Paid May rent for a garage to store equipment rent of $300

Provided lawn services for $1,500 and billed the clients

Purchased misc. supplies for $2,000 cash to be expensed after use

Provided lawn services for $1,500 for cash

Received Partial payment of $500 for services probided on 5/7

Provided lawn services for $1,000 and billed the clients

Purchased misc. supplies $1,000 on account to be expensed after use

Provided lawn services for $1,500 and billed the clients

Additional Information

Truck, trailer, and mowers are depreciated monthly over 72 months

$500 worth of misc. supplies on hand at the end of the month

Principle and interest is due at the end of the the loan term

Record all journal entries including any required adjusting entries

Prepare an Adjusted Trial Balance

Close all temporary accounts

Post all transactions to the appropriate ledger accounts

Complete Income Statement, Retained Earnings and Final Balance Sheet

Save the Adjusted Trial Balance Sheet on a new tab before you close your temporary accounts so that the values are kept. The final version should have a tab with all the values before you close out the temporary accounts and one with them them closed out.

Skip a line between journal entries

Just copy the event explanation to put under each journal entry

Use proper formating on all journal entries and financial statements

Use account names from the "Accounts" tab for journal entries

Capital Equipment Account includes the truck, trailer, and mowers

Make sure you format all Financial Statements like they show in the textbook

This is a services company so there is no Cost of Goods Sold