Solid Footing Lenny Lawn Services

Chapter 10 Accounting Cycle Project 15e need help.

Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2023 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1 st Bank by signing a 24 month note. (As an exarmple of how to Journalize and post a transaction - this transaction has already been entered into the General Journal and posted to the General Ledget.) July 1 Receive $68,100,00 cash from new investors, and issue $68,100.00 of Common Stock to them. July 1 Purchase $71,700.00 of new mowing equipment, paying cash to the mower dealer July 1 Pay 5500.00 cash for the July truck rental July 3 Inyoice a new customer $5,015.00 for a completed mowing job customer will pay in 10 days. July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $32,000.00 The Date of Record is set as July 15 . The Date of Payment is set as July 31 . July 7 Pay the employees $5.650.00 for work performed during the 1st week of July. July 10 Complete a mowina iob for a new customer - customer pavs $6.80000 cash for the iob Directions bilify insestignte Journal Gt Assets Gt. Lab Equity o. ReveExp Trial Bal July 12 Collect $3,500.00 cash from the golf course for special rush mowing job completed on May 31. July 14 Pay the employees $6,500.00 for work performed duning the 2nd week of July. July 15 Purchase $2,825.00 of supplies from the mower dealer. The supplies are consumed immediately. Lenny's will pay the mower dealer for the supplies in about 2 weeks. July 15 Collect $5,015.00 on account. The cash that is recened is from the new customer for the job that was completed on July 3. July 11 One of the onginal mowers purchased in January of 2022 broke down and is repaired by the mower dealer. The cost of the Mower Repaif job is 5905.00. Lenny's will pay the mower dealer in 30 days July 19 Purchase for cash 525.250.00 of supplies. These supplies will be consumed over the next 12 months July 20 Collect $30,000.00 tom the property management company for work penfarmed in June. July 21 Pay the empioyees : 57.05000 for work, performed during tha 3rd week of Juty July 23 Recehe 526,100,00 advance payment from the university. The advance payment is for 6 months of work which will be performed trom August. 12023 to January 31,2024 July \&s Comelete a special mowing job for the golf course. The total price for the mowing job is $6,910.00 The golf course pays 52.00000 cach on this date and will pay the remaindecon August 25 The 44800.00 beginning balance in the Equipment account relates to the mowing *quipment which was purchased on January 2,2022 For information related to this moyving oquipment see Page 70 in the Selid Footing file CHAPTER Q? a - Intro to Adjusting Entries.pdf: This equipment continues to be used and should be depreciated for the month of July The following information relates to the new equipment which was purchased on 4 thy 1. 2023 The neve equipment was placed into service on July 1. 2023 and should ba depreciated for the monsta of July The estimated useful life of the new equioment is 5 year At the end of stiviars the new tocipment will have no future walue and Chapter 10f - Accounting Cycle Project 15e [Read-Only] Home Inset Ragetwout Formulas Data Resiew View Tell me what you want to do Xo Arial Help ct. Whap lett II I I Font Alignment Number CDNIS AVAIUAILE Ladatri far olfice serevedy to be inatylled, but first we need to close some apps. Update now f f - The new eguipment will be depreciated using the straight-line method. Supplies: As the end of July there are $26,500,00 sugplies on-hand. Mowing Service ot the Univetsity: The monthly mowing service was provided to the university per the contract signed on April 1, 2023. For information on the contract with the university and the related atbance payment. see Pages 95 and 98 in the Sold Footing fle CHAPTER 08 a - Adjusting. Enties Continued pdf Wages Due the Employees: The last wage payment was made to the employees on July 28,2023 . The employees worked on July 29. 30, and 31 . For these three days of work the employees earned $2,430.00 of wages. These three days of wages will be paid to the workes dunng the first week of August. Bank Loan: The irterest on the laan from. 1 st Bank will be paid evely threo months The first interest payment to the bank will be mace on September 30.2023. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is 5875.00. UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need t Account\# Account Name (i) UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to UPDATES AVAILABLE Update for Office are ready to be installed, but first we need to close some apps. Tell me what you v Home $+$2= Number Update now Armani Cruz Home Insert Pagelayout Formulas Data Review Tell me what you want to Arial - B. 14 font Alignment Number (9) OATES AVAILALIL Update for Olfice Me ready to beinstalled, but first we need to closesome apps. Update now Lenny's Lawn Service, Inc. - General Ledger Amani Cruz, Enter amoun by typing in t Do NOI copy General Joun accounts. Chapter 10 f-Accounting Cycle Pro PDATES AVAILABLE Updates for Office ate ready to be installed, but first we need to close some apps. Update now Lenny's Lawn Service, Inc. - General Ledger Armani Cruz Account \# 400 Service Revenue Atinmliat Chapter 10f - Accounting Cycle Pr UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps: E6 fx Enter amounts into the Balanc Do NOT copy cells from the Gi Note the following three r. Lenny's Balance Sheet: Total Current Assets is e which will turn-into cash di comparison of Total Currel Liabilities gives some indic that is, its ability to pay its k Property \& Equipment, ne Asset cost which rem Total Current Llabilities is Habilities that will require pay months in the case of Unea Property \& Equipm Asset cost, which rer accounting periods. Total Current Liabili liabilities that will requ months. In the case current liability will be mowing services to th Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2023 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1 st Bank by signing a 24 month note. (As an exarmple of how to Journalize and post a transaction - this transaction has already been entered into the General Journal and posted to the General Ledget.) July 1 Receive $68,100,00 cash from new investors, and issue $68,100.00 of Common Stock to them. July 1 Purchase $71,700.00 of new mowing equipment, paying cash to the mower dealer July 1 Pay 5500.00 cash for the July truck rental July 3 Inyoice a new customer $5,015.00 for a completed mowing job customer will pay in 10 days. July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $32,000.00 The Date of Record is set as July 15 . The Date of Payment is set as July 31 . July 7 Pay the employees $5.650.00 for work performed during the 1st week of July. July 10 Complete a mowina iob for a new customer - customer pavs $6.80000 cash for the iob Directions bilify insestignte Journal Gt Assets Gt. Lab Equity o. ReveExp Trial Bal July 12 Collect $3,500.00 cash from the golf course for special rush mowing job completed on May 31. July 14 Pay the employees $6,500.00 for work performed duning the 2nd week of July. July 15 Purchase $2,825.00 of supplies from the mower dealer. The supplies are consumed immediately. Lenny's will pay the mower dealer for the supplies in about 2 weeks. July 15 Collect $5,015.00 on account. The cash that is recened is from the new customer for the job that was completed on July 3. July 11 One of the onginal mowers purchased in January of 2022 broke down and is repaired by the mower dealer. The cost of the Mower Repaif job is 5905.00. Lenny's will pay the mower dealer in 30 days July 19 Purchase for cash 525.250.00 of supplies. These supplies will be consumed over the next 12 months July 20 Collect $30,000.00 tom the property management company for work penfarmed in June. July 21 Pay the empioyees : 57.05000 for work, performed during tha 3rd week of Juty July 23 Recehe 526,100,00 advance payment from the university. The advance payment is for 6 months of work which will be performed trom August. 12023 to January 31,2024 July \&s Comelete a special mowing job for the golf course. The total price for the mowing job is $6,910.00 The golf course pays 52.00000 cach on this date and will pay the remaindecon August 25 The 44800.00 beginning balance in the Equipment account relates to the mowing *quipment which was purchased on January 2,2022 For information related to this moyving oquipment see Page 70 in the Selid Footing file CHAPTER Q? a - Intro to Adjusting Entries.pdf: This equipment continues to be used and should be depreciated for the month of July The following information relates to the new equipment which was purchased on 4 thy 1. 2023 The neve equipment was placed into service on July 1. 2023 and should ba depreciated for the monsta of July The estimated useful life of the new equioment is 5 year At the end of stiviars the new tocipment will have no future walue and Chapter 10f - Accounting Cycle Project 15e [Read-Only] Home Inset Ragetwout Formulas Data Resiew View Tell me what you want to do Xo Arial Help ct. Whap lett II I I Font Alignment Number CDNIS AVAIUAILE Ladatri far olfice serevedy to be inatylled, but first we need to close some apps. Update now f f - The new eguipment will be depreciated using the straight-line method. Supplies: As the end of July there are $26,500,00 sugplies on-hand. Mowing Service ot the Univetsity: The monthly mowing service was provided to the university per the contract signed on April 1, 2023. For information on the contract with the university and the related atbance payment. see Pages 95 and 98 in the Sold Footing fle CHAPTER 08 a - Adjusting. Enties Continued pdf Wages Due the Employees: The last wage payment was made to the employees on July 28,2023 . The employees worked on July 29. 30, and 31 . For these three days of work the employees earned $2,430.00 of wages. These three days of wages will be paid to the workes dunng the first week of August. Bank Loan: The irterest on the laan from. 1 st Bank will be paid evely threo months The first interest payment to the bank will be mace on September 30.2023. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is 5875.00. UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need t Account\# Account Name (i) UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to UPDATES AVAILABLE Update for Office are ready to be installed, but first we need to close some apps. Tell me what you v Home $+$2= Number Update now Armani Cruz Home Insert Pagelayout Formulas Data Review Tell me what you want to Arial - B. 14 font Alignment Number (9) OATES AVAILALIL Update for Olfice Me ready to beinstalled, but first we need to closesome apps. Update now Lenny's Lawn Service, Inc. - General Ledger Amani Cruz, Enter amoun by typing in t Do NOI copy General Joun accounts. Chapter 10 f-Accounting Cycle Pro PDATES AVAILABLE Updates for Office ate ready to be installed, but first we need to close some apps. Update now Lenny's Lawn Service, Inc. - General Ledger Armani Cruz Account \# 400 Service Revenue Atinmliat Chapter 10f - Accounting Cycle Pr UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps: E6 fx Enter amounts into the Balanc Do NOT copy cells from the Gi Note the following three r. Lenny's Balance Sheet: Total Current Assets is e which will turn-into cash di comparison of Total Currel Liabilities gives some indic that is, its ability to pay its k Property \& Equipment, ne Asset cost which rem Total Current Llabilities is Habilities that will require pay months in the case of Unea Property \& Equipm Asset cost, which rer accounting periods. Total Current Liabili liabilities that will requ months. In the case current liability will be mowing services to th