what would the general journal entries and statement of stockholders equity be?
Instructions: You will be recording the July 2021 transactions for Lenny's Lawn Service, Inc. After recording the July transactions you will be preparing a Pre-Closing Trial Balance, Income Statement, Statement of Stockholders' Equity, Balance Sheet, and Post-Closing Trial Balance. You are given the following: July 2021 transactions and Additional Information - Trans tab Chart of Accounts with Account Numbers and Account Names Chart Accts tab General Journal pages Journal tab General Ledger GL Assets, GL Liab-Equity, GL Rev-Exp tabs Forms for the July 31, 2021: Pre Closing Trial Balance (Trial Bal tab), Income Statement and Calculation of Retained Earnings (IS & RE tab), Balance Sheet (BalSht tab), and Post-Closing Trial Balance (Post Close TB tab) 1 To Complete Your Workbook do the following: -> Print the July Transactions (click the Trans tab and then click the Printer Icon) Use YOUR Transaction sheets -- do not use another student's sheets Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) -> Record the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal Look at the July 1 Notes Payable transaction, which has already been entered, for an example of how to make your entries. Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system To make posting from the General Journal to the General Ledger easier, it is recommended that you print the General Journal click the Journal tab and then click the Printer Icon 0 Post the entries from the printed General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted Record your postings directly into the General Ledger. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page #column. See the first posting to the Cash account for an example. After you post an amount to a General Ledger account, then hand write an "X" in the Posted column of the printed Directions Trans Chart Accts Journal GL Assets GL Lab Equity GL Rev Exp - The Tri General Ledger account then hand write an "X" in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted. Enter the "X"s, which you hand wrote on your General Journal pages, into the General Journal. Click the Journal tab and enter the "X"s in the Posted column Pg Determine the required adjusting entries as of July 31, 2021. The information needed for the adjusting entries is on the page titled "Additional Information". This is the second page that printed when you printed the Trans tab. Click the Journal tab and record your adjusting entries in the General Journal. Use the prited Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. Put your adjusting entries on Page #4 of the General Journal. Post the adjusting entries from the General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page #column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal Print Lenny's General Ledger by clicking the GL Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the GL Rev-Exp tab and then clicking the Printer icon. > Using the printed General Ledger, enter the ending account balances into the July 31, 2021 Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the July 31, 2021 Pre-Closing Trial Balance by clicking the Printer icon > Using the printed July 31, 2021 Pre-Closing Trial Balance, prepare the July 2021 Income Statement. Click the IS & RE tab and enter the amounts into the income Statement 44 > Using the printed General Ledger and the Net Income amount, prepare the July 2021 Statement of Stockholders' Equity. Click the IS & RE tab and enter the amounts into the Statement of Stockholders' Equity Directions Chart Arct's Journal GI Assets GL Tiab-Equity Trans GL Rey-Exp > Using the printed July 31, 2021 Pre-Closing Trial Balance and the Retained Earnings amount from the Statement of Stockholders' Equity, prepare the July 31, 2021 Balance Sheet. Click the BalSht tab and enter the amounts into the Balance Sheet. Prepare the closing entries. Click the Journal tab and enter the closing entries into the General Journal. Place your closing entries on Page # 5 of the General Journal. Post the closing entries from the General Journal to the General Ledger accounts. Click the GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page #column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. Click the Post Close TB tab and prepare the July 31, 2021 Post-Closing Trial Balance Your project is complete! Your instructor will provide you with directions on how to submit your project. Lenny's Lawn Service, Inc. - Transactions Additional Information July 2021 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As an example of how to joumalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger) July 1 Receive $69,300.00 cash from new investors, and issue $69,300.00 of Common Stock to them July 1 Purchase $45,900.00 of new reywing equipment, paying cash to the mower dealer July 1 Pay $500,00 cash for the July truck rental July 3 Invoice a new customer $5,185.00 for a completed mowing job - customer will pay in 10 days July 6 The Board of Directors declares a cash dividend. The total amount of the dividend is $25,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31 July 7 Pay the employees $5 800.00 for work performed during the 1st week of July July 10 Completo a mowing job for a new customer -- customer pays $4,200.00 cash for the job 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 $7,000 00 for work performed during the 2nd week of July July 15 Purchase $1,020.00 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 16 Collect $5,185.00 on account. The cash that is received is from the new customer for the job that was completed on July 3 July 17 One of the original mowers purchased in January of 2020 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $600.00 Lenny's will pay the mower dealer in 30 days Directions Trans Chart Accts Journal GL Assets Gl Lab Equity GL Rev-Exp Trial Bal IS & SEquity Balsh dealer. The cost of the Mower Repair job is $600.00. Lenny's will pay the mower dealer in 30 days. July 19 Purchase for cash $22.750.00 of supplies. These supplies will be consumed over the next 12 months. July 20 Collect $30,000.00 from the property management company for work performed in June July 21 Pay the employees $7,100.00 for work performed during the 3rd week of July July 23 Receive a $24,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2021 to January 31, 2022 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $5,550.00 The golf course pays $500.00 cash on this date and will pay the remainder on August 25, July 27 Complete a mowing job for a ney customer -- customer pays $3,900.00 cash for the job. July 27 Pay $1,020.00 cash to the mower dealer for the supplies purchased on account on July 15, July 28 Pay the employees $6,100.00 for work performed during the 4th week of July July 31 Invoice the property management company $19,650.00 for July mowing work. The property management company will pay the invoice on the 20th of next month July 31 Pay the cash dividend which was declared on July 5 Additional Information Equipment: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2020. For information related to this mowing equipment see Page 70 in the Solid Footing text (PDF 07 - Intro to Adjusting Entries) This equipment continues to be used and should be depreciated for the month of July The following information relates to the now equipment which was purchased on July 1, 2021 - The new equipment was placed into service on July 1, 2021 and should be depreciated for the month of July The estimated useful life of the now equipment is 5 years Al the end of ears the nw caninment will have no futurn value and will be scrapped Trans Chart ACCS Journal GL Assets GILDb Equity GL Rev. Exp Trial Bal IS & SEquity Balsh Directions Additional Information Equipment: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2020. For information related to this mowing equipment see Page 70 in the Solid Footing text (PDF 07 - Intro to Adjusting Entries). 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 July 1, 2021 The new equipment was placed into service on July 1, 2021 and should be depreciated for the month of July The estimated useful life of the new equipment is 5 years. At the end of 5 years, the new equipment will have no future value and will be scrapped The new equipment will be depreciated using the straight line method Supplies At the end of July there are $23,950.00 supplies on hand Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2021 For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing text (PDF 08 Adjusting Entries Continued) Wages Due the Employees: The last wage payment was made to the employees on July 28, 2021 The employees worked on July 29, 30 and 31 For these three days of work the employees earned $3,575.00 of wages These three days of wages will be paid to the workers during the first week of August. Bank Loan: The interest on the loan from 1st Bank will be paid every three months. The first interest payment to the bank will be made on September 30, 2021 Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $975.00 Lenny's Lawn Service, Inc. - General Journal Page # 1 Debit Credit Posted Account Name 2021 Month-Day 7-1 Account Number 100 250 35,000.00 35,000.00 69,300.00 7-1 100 300 69,300.00 45,900.00 7-1 150 100 45,900.00 500.00 7-1 515 100 Cash Notes Payable Borrowed on Note Payable Cash common stock issue common stock equipment Cash purchase equipment truck rental expense Cash july truck rental accounts receivable service revenue mowing bill Retained earnings dividends payable cash dividend wages expense cash 500.00 5,185.00 7-3 105 400 5,185.00 25,000.00 75 25,000.00 220 5,800.00 7-7 510 5,800.00 100 7-10 4,200.00 4,200.00 wages 100 cash 400 service revenue payment by customer 100 cash 105 accounts receivable cash collection Directions Chart Accts 7-12 3,500.00 3,500.00 Trans Journal GL Assets GL liab-Equity GL Rev-Exp Ready G75 7-14 510 100 7,000.00 7,000.00 7-15 500 1,020.00 200 cash collection wages expense cash wages supplies expense accounts payable purchase supplies cash accounts receivable cash collection mower repair expense 1,020.00 7-15 100 5,185.00 105 5,185.00 7-17 505 600.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 2021 Month-Day Posted Debit Credit 600.00 7-19 22.750.00 22,750.00 7-20 100 30,000.00 30,000.00 Account Account Name Number 100 ACCOUNTS PAYABLE cash collection 110 supplies 100 cash purchase supplies cash 200 accounts recievable cash collection 510 wages expense 100 cash wages 100 cash 215 unearned revenue cash advanced payment 100 cash AC Directions Trans Chart Accts 7-21 7.100.00 7,100.00 7-23 24,500.00 24,500.00 7-25 500.00 CA Gl Lab Equity Journal GL Assets GL Rey Exp Trial Ba Ready Page # 2 2021 Month Day Posted Debit Credit 600.00 7-19 22,750.00 22,750.00 7-20 30,000.00 30,000.00 7-21 7,100.00 7,100.00 7-23 Account Account Name Number 100 ACCOUNTS PAYABLE cash collection 110 supplies 100 cash purchase supplies 100 cash 200 accounts recievable cash collection 510 wages expense 100 cash wages 100 cash 215 unearned revenue cash advanced payment 100 cash 105 accounts recievable 400 service revenue cash collection 100 cash 400 service revenue cash for job 200 accounts payable 100 cash purchase supplies 510 wages expense 100 cash 24,500.00 24,500.00 7-25 500.00 5,050.00 5,550.00 7-27 3,900.00 3,900.00 7-27 1,020.00 1,020.00 7-28 6,100.00 6,100.00 7-31 pay wages 105 accounts recievable 400 service revenue Directions Trans Chart Accts 19,650.00 19,650.00 GL Rey-EXO Tra Journal GL Assets GL Liab-Equity G75 fr 7-27 3,900.00 100 400 3,900.00 7-27 200 100 1,020.00 1,020.00 7-28 510 100 cash service revenue cash for job accounts payable cash purchase supplies wages expense cash pay wages accounts recievable service revenue invoices dividend payable cash 6,100.00 6,100.00 7-31 105 400 19,650.00 19,650.00 7-31 220 100 25,000.00 25,000.00 Lenny's Lawn Service, Inc. - General Ledger Er by Account # 100 Cash DO GO Journal Debit Credit Balance 2021 Month-Day Page # 7-1 Beginning Balance 1 7-1 7-1 7-1 38,250.00 35,000.00 69,300.00 1 1 7-1 1 45,900.00 500.00 5,800.00 1 1 4,200.00 3,500.00 1 1 7,000.00 1 5,185.00 38,250.00 Dr 73,250.00 Dr 142,550.00 Dr 96,650.00 DO 96,150.00 DI 90,350.00 DI 94,550.00 DI 98,050.00 Dr 91,050.00 DO 96,235.00 Dr 73,485.00 DO 103,485.00 DI 96,385.00 DO 120,885.00 DO 121,385.00 DI 125,285.00 DO 119,185.00 DO 94.185.00 DE 93,165.00 Dr 22,750.00 7-7 7-10 7-12 7-14 7-15 7-19 7-20 7 21 7-23 7-25 7-27 7-28 7-31 7-27 30,000.00 2 2 2 2 7,100.00 24,500.00 500.00 3,900.00 NNNNN 6,100.00 25,000.00 1,020.00 Account # 105 Accounts Receivable alt DALAR 2021 Directions Journal Nalle Chart Accts Journal GL Assets Trans Gl Liab-Equity GL Rev-Exp Trial Bal Account # 105 Accounts Receivable Journal Page 1 Debit Credit Balance Beginning Balance 33,500.00 5,186.00 1 2021 Month Day 7-1 7-3 7-12 7-15 7-25 7-31 7-20 1 4,200.00 5,185.00 1 33,500.00 DO 38,686.00 DO 34,486.00 DI 29,301.00 DI 434,351.00 Dr 54,001.00 DI 24,001.00 DI 2 5,050.00 19,650.000 2 2 30,000.00 Account # 110 Supplies Journal Page Debit Credit 2021 Month-Day 7-1 Balance Beginning Balance 4,375.00 4,375.00 Dr 7-19 2 4 22,750.00 27.125.00 DE 25,925.00 DO 7-31 1,200.00 Account # 150 Equipment Journal Page Debit Credit Balance 2021 Month-Day 7-1 Beginning Balance 7-1 48,000.00 45,900.00 48,000.00 DE 93,900.00 Dr X fx 7-1 Beginning Balance 4,375.00 4,375.00 Dr 7-19 2 22,750.00 7-31 27,125.00 Dr 25,925.00 Dr 4 1,200.00 Account # 150 Equipment 2021 Month-Day 7-1 Journal Page # Debit Credit Beginning Balance Balance 48,000.00 Dr 93,900.00 DO 48,000.00 45,900.00 7-1 Account # 155 Accumulated Depreciation Journal Page Debit Credit Balance 2021 Month Day 7-1 Beginning Balance 7-31 18,000.00 800.00 18,000.00 C 18,800.00 Ci 4 Lenny's Lawn Service, Inc. - General Ledger Account # 200 Accounts Payable Journal Debit Credit Balance Page # 2021 Month-Day 7-1 7-15 7-17 Beginning Balance 1 0.00 1,020.00 600.00 0.00 Cr 1,020.00 Cr 1,620.00 Cr Account # 205 Wages Payable 2021 Month-Day 7-1 Journal Page Debit Credit Balance Beginning Balance 7-31 0.00 3,575.00 4 0.00 Cr 3,575.00 Cr Account # 210 Interest Payable Journal Page # Debit Credit Balance 2021 Month Day 7-1 7-31 Beginning Balance 0.00 975.00 4 0.00 Cr 975.00 Cr Account # 215 Unearned Revenue Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev Exp Trial Bal IS E eady JX Beginning Balance 7-1 7-1 1 0.00 35,000.00 0.00 CE 35,000.00 Cr Account # 300 Common Stock Journal Debit 2021 Month-Day 7-1 Beginning Balance 7-1 Page # Balance Credit 50,000.00 69,300.00 50,000.00 Cr 119,300.00 Cr Account # 305 Retained Earnings Journal Debit Credit 2021 Month-Day 7-1 7-5 Page # Balance Beginning Balance 48,125.00 25,000.00 48,125.00 Cr 23.125.00 CE Lenny's Lawn Service, Inc. - General Ledger Account # 200 Accounts Payable Journal Debit Credit Balance Page # 2021 Month-Day 7-1 7-15 7-17 Beginning Balance 1 0.00 1,020.00 600.00 0.00 cm 1,020.00 Cr 1,620.00 C Account # 205 Wages Payable Journal Page 8 Debit Credit Balance 2021 Month-Day 7-1 7-31 Beginning Balance 0.00 3,575.00 4 0.00 cm 3,575.00 Cr Account # 210 Interest Payable Journal Page # Debit Credit 2021 Month-Day 7-1 7-31 Balance Beginning Balance 0.00 975.00 4 0.00 Cr 975.00 Cr Account # 215 Unearned Revenue Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-EXD Tral Bal Account # 215 Unearned Revenue Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-23 7-31 Beginning Balance 2. 2 8,000.00 24,500.00 8,000.00 Cr 32,500.00 Cr 24,500.00 Cr 8,000.00 Account # 220 Dividends Payable Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-5 7-31 Beginning Balance 0.00 25,000.00 1 0.00 CE 25,000.00 C 0.00 CE 2 25,000.00 Account # 250 Note Payable Journal Page # Debit Credit Balance 2021 Month Day 7-1 71 Beginning Balance 0.00 35,000.00 0.00 Cr 35,000.00 C Account # 300 Common Stock 2021 Directions Trans Journal Debit chard ACC Journal IGI Assets Credit GL l lab.Fauitv Ralance CRAVA TORUSAL Lenny's Lawn Service, Inc. General Ledger Account # 400 Service Revenue Journal Page# Debit Credit Balance 1 2021 Month-Day 7-1 Beginning Balance 7-3 7-10 7-25 7-27 7-31 7-21 1 NNN 0.00 5,185.00 4,200.00 5,550.00 3,900.00 19,650.00 8,000.00 0.00 Cr 5,185.00 Cr 9,385.00 cm 14,935.00 Cr 18,835.00 Cr 38,485.00 CE 46,485.00 C 4 Account # 500 Supplies Expense Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-31 7-15 Beginning Balance 4 0.00 180.00 1,020.00 0.00 DI 180.00 DO 1,200.00 DO Account # 505 Mower Repair Expense Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal Account # 505 Mower Repair Expense Journal Debit Credit Page # Balance 2021 Month-Day 7-1 7-17 Beginning Balance 0.00 600.00 0.00 Dr 600.00 Dr 1 Account # 510 Wages Expense Journal Debit Credit Balance Page # 1 2021 Month-Day 7-1 Beginning Balance 7-7 7-14 7-21 7-28 7-31 1 ANN- 0.00 5,800.00 7,000.00 7,100.00 6,100.00 3,575.00 0.00 DI 5,800.00 DI 12,800.00 DI 19,900.00 Dr 26,000.00 Di 29,575.00 DO Account # 515 Truck Rental Expense Journal Debit Credit Balance Page 2021 Month Day 7-1 Beginning Balance 7-1 0.00 500.00 0.00 DO 500.00 DI 1 Directions Trans Chart Accts Journal GL Assets Gl Lab Equity GL Rev-Exp Trial Bal Account # 515 Truck Rental Expense Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-1 Beginning Balance 0.00 500.00 0.00 Dr 500.00 DI 1 Account # 520 Depreciation Expense Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-31 Beginning Balance 0.00 800.00 0.00 Dr 800.00 Dr 4 Account # 550 Interest Expense Journal Page # Debit Credit Balance 2021 Month-Day 7-1 7-31 Beginning Balance 0.00 975.00 0.00 DO 975.00 DI 4 Lenny's - July 31, 2021 Pre-Closing Trial Balance Account # Account Name Debit Credit 100 105 93,165.00 24,001.00 25,925.00 93,900.00 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Common Stock Retained Earnings Service Revenue Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense Totals 18,880.00 1,620.00 3,575.00 975.00 24,500.00 0.00 35,000.00 119,300.00 23,125.00 46,845.00 1,200.00 600.00 29,575.00 500.00 800.00 967.00 270,633.00 550 273,820.00 Lenny's Lawn Service, Inc. Income Statement for the Month Ended July 31, 2021 Enter amounts i Do NOT copy CE Service Revenue $46,485 00 Operating Expenses: Supplies Mower Repair Wages Truck Rental Depreciation Total Operating Expenses Income from Operations Interest Expense Net Income (25,925.00) (600 00) (29,575.00) (500.00) (800.00) (57,400.00) (10,915.00) (967.00) ($11,882.00) Note th Income the nor Interes busine: below from In Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2021 Common Stock $119,300.00 Retained Earnings Tot $23,125 00 $142,4 Beginning Balance July 1, 2021 Issue Common Stock Net Income Dividends Ending Balance July 31, 2021 $119,300.00 $23,125.00 $142,4 Directions Trans Chart Accts Journal GL Assets Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2021 Assets 0.00 Current Assets Cash Accounts Receivable Supplies Total Current Assets Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net Total Assets 0.00 $0.00 0.00 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Total Current Liabilities Long-Term Liabilities: Note Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0.00 0.00 $0.00 Directions Trans Chart Accts Journal GL
