To wittynut trail balance for June was not provided for this questions and they did not beginning transactions till July MBA 601 Accounting Basics Impact of Business Transactions on B S I S Basic Accounting Cycle Entries Donovans Lawn Care Service began operations in June and engaged in the following transactions during July July 1 Shareholders contributed $9,000 cash in exchange for common stock July 4 Purchased office supplies on account for $100 July 5 Purchased additional mowing equipment for $3,000 Paid $1,000 in cash and signed a 60 day Note Payable for the remaining balance July 9 Paid $250 for gasoline All the fuel will be used this month to provide lawn care services July 15 Billed Lost Creek Cemetery $300 for mowing services performed in July The entire amount is due August 15th July 15 Paid $200 in salaries earned by employees during July July 24 Billed Golf Creek Condos for $600 mowing services performed in July The entire amount is due August 30th July25 Collected $100 from StoreFront Offices for mowing services performed and billed in June July 30 Collected $250 in cash from KidsRUs after mowing their lawn today July 30 Earned $2 in interest from business bank account during July The money was deposited directly into Donovans bank account by the bank July 30 Received a $125 bill from Rys Automotive for sharpening the mower blades The entire amount is due August 15th July 30 Recorded $100 depreciation expense on mowing equipment July 30 Declared and paid a $50 dividend Required Analyze the effects that each of these transactions will have on the following six components of the companys financial statements for the month of July Organize your answer in tabular form using the column headings shown below Income Statement Balance Sheet Date Revenues Expenses NI Assets Liabilities O Equity 7 1 Prepare journal entries in the general journal for each transaction Post entries to the general ledger Prepare a trial balance General Journal Date Account Titles Debit Credit General Ledger

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 12, 2024

To wittynut....trail balance for June was not provided for this questions and they did not beginning transactions till July

MBA 601

Accounting Basics: Impact of Business Transactions on B/S & I/S

& Basic Accounting Cycle Entries

Donovans Lawn Care Service began operations in June and engaged in the following transactions during July:

July 1	Shareholders contributed $9,000 cash in exchange for common stock..
July 4	Purchased office supplies on account for $100.
July 5	Purchased additional mowing equipment for $3,000. Paid $1,000 in cash and signed a 60-day Note Payable for the remaining balance.
July 9	Paid $250 for gasoline. All the fuel will be used this month to provide lawn care services.
July 15	Billed Lost Creek Cemetery $300 for mowing services performed in July. The entire amount is due August 15th.
July 15	Paid $200 in salaries earned by employees during July.
July 24	Billed Golf Creek Condos for $600 mowing services performed in July. The entire amount is due August 30th.
July25	Collected $100 from StoreFront Offices for mowing services performed and billed in June.
July 30	Collected $250 in cash from KidsRUs after mowing their lawn today.
July 30	Earned $2 in interest from business bank account during July. The money was deposited directly into Donovans bank account by the bank.
July 30	Received a $125 bill from Rys Automotive for sharpening the mower blades. The entire amount is due August 15th.
July 30	Recorded $100 depreciation expense on mowing equipment
July 30	Declared and paid a $50 dividend.

Required:

Analyze the effects that each of these transactions will have on the following six components of the companys financial statements for the month of July. Organize your answer in tabular form using the column headings shown below.

Income Statement Balance Sheet