Question
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
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 |
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