why doesnt the trial balance, balance? what am i doing wrong. ive been stuck on this forever

Accounting Cycle Project Solid Footing 9e Project is Activated SAVING YOUR Immediately after Save>your project byPROJECT following--these directions - -Activation ------------- Save your project in a file that uses your name as the file name. The file name should be in the form: LastNameFirstName-ACP For example, Mary Smith would save her project with the file name SmithMary-ACP Mac Excel 2016 and Mac Excel 2011, follow these directions: - Click File - Click Save As - In Saveproject, As: enter be LastNameFirstName-ACP As you work on your sure to save your file often. - Format must be Excel Macro-Enabled Workbook (xlsm) - Before clicking Save, be sure the file is being saved to the Solid Footing 9e folder Instructions: on your Mac, and not to an online location such as OneDrive You will be recording the July 2017 transactions - Click Savefor 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 2017 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, 2017: 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) 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. _ 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 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. 2 _ Determine the required adjusting entries as of July 31, 2017. 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 printed 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, 2017 Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the July 31, 2017 Pre-Closing Trial Balance by clicking the Printer icon. _ Using the printed July 31, 2017 Pre-Closing Trial Balance, prepare the July 2017 Income Statement. Click the IS & RE tab and enter the amounts into the Income Statement. _ Using the printed General Ledger and the Net Income amount, prepare the July 2017 Statement of Stockholders' Equity. Click the IS & RE tab and enter the amounts into the Statement of Stockholders' Equity. _ Using the printed July 31, 2017 Pre-Closing Trial Balance and the Retained Earnings amount from the Statement of Stockholders' Equity, prepare the July 31, 2017 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, 2017 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 2017 Transactions Date July 1 July 1 July 1 July 1 July 3 July 5 July 7 July 10 July 12 July 14 July 15 July 15 July 17 July 19 July 20 July 21 July 23 July 25 July 27 July 27 July 28 July 31 July 31 Additional Information Equipment: Supplies: Mowing Service at the University: Wages Due the Employees: Bank Loan: Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2017 Transactions Description of the Transaction Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As an example of how to journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger.) Receive $68,800.00 cash from new investors, and issue $68,800.00 of Common Stock to them. Purchase $54,300.00 of new mowing equipment, paying cash to the mower dealer. Pay $500.00 cash for the July truck rental. Invoice a new customer $3,450.00 for a completed mowing job -- customer will pay in 10 days. The Board of Directors declares a cash dividend. The total amount of the dividend is $24,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. Pay the employees $6,000.00 for work performed during the 1st week of July. Complete a mowing job for a new customer -- customer pays $975.00 cash for the job. Collect $3,500.00 cash from the golf course for special rush mowing job completed on May 31. Pay the employees $5,100.00 for work performed during the 2nd week of July. Purchase $900.00 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. Collect $3,450.00 on account. The cash that is received is from the new customer for the job that was completed on July 3. One of the original mowers purchased in January of 2016 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $1,150.00. Lenny's will pay the mower dealer in 30 days. Purchase for cash $31,000.00 of supplies. These supplies will be consumed over the next 12 months. Collect $30,000.00 from the property management company for work performed in June. Pay the employees $5,450.00 for work performed during the 3rd week of July. Receive a $36,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2017 to January 31, 2018. Complete a special mowing job for the golf course. The total price for the mowing job is $11,350.00. The golf course pays $4,000.00 cash on this date and will pay the remainder on August 25. Complete a mowing job for a new customer -- customer pays $300.00 cash for the job. Pay $900.00 cash to the mower dealer for the supplies purchased on account on July 15. Pay the employees $6,350.00 for work performed during the 4th week of July. Invoice the property management company $28,750.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. Pay the cash dividend which was declared on July 5. Additional Information The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2016. For information related to this mowing equipment see Page 70 in the Solid Footing book. 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, 2017: The new equipment was placed into service on July 1, 2017 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. At the end of July there are $26,300.00 supplies on-hand. The monthly mowing service was provided to the university per the contract signed on April 1, 2017. For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing book. The last wage payment was made to the employees on July 28, 2017. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $3,100.00 of wages. These three days of wages will be paid to the workers during the first week of August. 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, 2017. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $780.00. Lenny's Lawn Service, Inc. - Chart of Accounts Account # 100 105 110 150 155 200 205 210 215 220 250 300 305 400 500 505 510 515 520 550 Account Name Assets: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Dividends Payable Note Payable Equity: Common Stock Retained Earnings Revenues: Service Revenue Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense christina serra Lenny's Lawn Service, Inc. - General Journal Page # 1 2017 Account Month-Day Number 7-1 100 250 Account Name Cash Notes Payable Posted X Debit Credit 35,000.00 35,000.00 X Borrowed on Note Payable 7-1 7-1 7-1 7-3 100 cash X 300 common stock X 150 equipment X 100 cash X 515 truck rental expense X 100 cash X 105 accounts receivable X 400 service revenue X dividends X 220 dividends payable X 510 wages expense X 100 cash X 100 cash X 400 service revenue X 100 cash X 105 accounts receivable X 510 wages expense X 100 cash X 110 supplies X 200 accounts payable X 100 cash X 105 accounts receivable X 505 mower repair expense X 200 accounts payable X 110 supplies X 100 cash X 100 cash X 105 accounts receivable X 510 wages expense X 100 cash X 100 cash X 215 unearned revenue X 100 cash X 105 accounts receivable X 7-5 7-7 7-10 7-12 7-14 7-15 7-15 7-17 7-19 7-20 7-21 7-23 7-25 68,800.00 68,800.00 54,300.00 54,300.00 500.00 500.00 3,450.00 3,450.00 24,000.00 24,000.00 6,000.00 6,000.00 975.00 975.00 3,500.00 3,500.00 5,100.00 5,100.00 900.00 900.00 3,450.00 3,450.00 1,150.00 1,150.00 31,000.00 31,000.00 30,000.00 30,000.00 5,450.00 5,450.00 36,500.00 36,500.00 4,000.00 7,350.00 Lenny's Lawn Service, Inc. - General Journal Page # 2 2017 Account Month-Day Number 7-27 7-27 7-28 7-31 7-31 7-31 7-31 7-31 7-31 7-31 7-31 Account Name Posted 400 service revenue X 100 cash X 400 service revenue X 200 accounts payable X 100 cash X 510 wages expense X 100 cash X 105 accounts receivable X 400 service revenue X 220 dividends payable X 100 cash X 520 depreciation expense X 155 accumulated depreciation X 520 depreciation expense X 155 accumulated depreciation X 500 supplies expense X 110 supplies X 510 unearned revenue X 205 service revenue X 215 wages expense X 400 wages payable X 550 interest expense X 210 interest payable X Debit Credit 11,350.00 300.00 300.00 900.00 900.00 6,350.00 6,350.00 28,750.00 28,750.00 24,000.00 24,000.00 1,000.00 1,000.00 905.00 905.00 9,975.00 9,975.00 8,000.00 8,000.00 3,100.00 3,100.00 780.00 780.00 Lenny's Lawn Service, Inc. - General Journal Page # 3 2017 Account Month-Day Number Account Name Posted Debit Credit Lenny's Lawn Service, Inc. - General Journal Page # 4 2017 Account Month-Day Number Account Name Posted Debit Credit Lenny's Lawn Service, Inc. - General Journal Page # 5 2017 Account Month-Day Number Account Name Posted Debit Credit christina serra Lenny's Lawn Service, Inc. - General Ledger Account # 100 Cash 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-1 1 7-1 1 7-1 1 7-1 1 7-7 1 7-10 1 7-12 1 7-14 1 7-15 1 7-19 1 7-20 1 7-21 1 7-23 1 7-25 1 7-27 2 7-27 2 7-28 2 7-31 2 Account # 105 Credit 38,250.00 35,000.00 68,800.00 54,300.00 500.00 6,000.00 975.00 3,500.00 5,100.00 3,450.00 31,000.00 30,000.00 5,450.00 36,500.00 4,000.00 300.00 900.00 6,350.00 24,000.00 Balance 38,250.00 73,250.00 142,050.00 87,750.00 87,250.00 81,250.00 82,225.00 85,725.00 80,625.00 84,075.00 53,075.00 83,075.00 77,625.00 114,125.00 118,125.00 118,425.00 117,525.00 111,175.00 87,175.00 Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Accounts Receivable 2017 Journal Month-Day Page # 7-1 Debit Beginning Balance 7-3 1 7-12 1 7-15 1 7-20 1 7-25 1 7-31 2 Debit Credit 33,500.00 3,450.00 3,500.00 900.00 30,000.00 7,350.00 28,750.00 Balance 33,500.00 36,950.00 33,450.00 32,550.00 2,550.00 9,900.00 38,650.00 Dr Dr Dr Dr Dr Dr Dr christina serra Lenny's Lawn Service, Inc. - General Ledger Account # 110 Supplies 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-19 1 7-31 2 Debit Credit 4,375.00 31,900.00 9,975.00 Balance 4,375.00 Dr 36,275.00 Dr 26,300.00 Dr \\ Account # 150 Equipment 2017 Journal Month-Day Page # 7-1 Beginning Balance 7-1 1 Account # 155 2017 Journal Page # 7-31 Credit 48,000.00 102,300.00 Balance 48,000.00 Dr 150,300.00 Dr Accumulated Depreciation Month-Day 7-1 Debit Beginning Balance 2 Debit Credit 18,000.00 1,905.00 Balance 18,000.00 Cr 19,905.00 Cr christina serra Lenny's Lawn Service, Inc. - General Ledger Account # 200 Accounts Payable 2017 Journal Month-Day Page # 7-1 1 7-17 1 7-27 2 Account # 205 2017 Journal Page # 0.00 900.00 2,050.00 1,150.00 Cr Cr Cr Cr Balance 0.00 Cr 3,100.00 Cr Interest Payable 2017 Journal Page # Debit 7-31 Credit 0.00 780.00 Beginning Balance 2 Account # 215 Credit 0.00 3,100.00 2 Month-Day Balance 0.00 Cr 780.00 Cr Unearned Revenue 2017 Journal Month-Day Page # 7-1 Debit Beginning Balance 7-31 7-1 900.00 Balance Wages Payable Month-Day Account # 210 Credit 0.00 900.00 1,150.00 Beginning Balance 7-15 7-1 Debit Debit 8,000.00 36,500.00 Beginning Balance 7-23 1 7-31 2 Credit 8,000.00 Balance 8,000.00 Cr 44,500.00 Cr 36,500.00 Cr christina serra Lenny's Lawn Service, Inc. - General Ledger Account # 220 Dividends Payable 2017 Journal Month-Day Page # 7-1 1 7-31 1 Account # 250 2017 Journal Page # Journal Page # Debit 1 Balance 0.00 Cr 35,000.00 Cr Balance 50,000.00 Cr 118,800.00 Cr Retained Earnings 2017 Journal Month-Day Page # Debit Credit 48,125.00 52,825.00 Beginning Balance 7-31 7-31 Credit 50,000.00 68,800.00 Beginning Balance 7-1 7-31 0.00 Cr 24,000.00 Cr 0.00 Cr Common Stock 2017 Account # 305 Credit 0.00 35,000.00 1 Month-Day 7-1 Debit Beginning Balance 7-1 7-1 24,000.00 Balance Note Payable Month-Day Account # 300 Credit 0.00 24,000.00 Beginning Balance 7-5 7-1 Debit 40,310.00 24,000.00 Balance 48,125.00 100,950.00 60,640.00 36,640.00 Cr Cr Cr Cr christina serra Lenny's Lawn Service, Inc. - General Ledger Account # 400 Service Revenue 2017 Journal Page # Month-Day 7-1 Debit 0.00 3,450.00 975.00 11,350.00 300.00 28,750.00 8,000.00 Beginning Balance 7-3 1 7-10 1 7-25 2 7-27 2 7-31 2 7-31 2 Credit 52,825.00 Account # 500 2017 Journal Page # Beginning Balance 7-31 2 Debit Credit 0.00 9,975.00 9,975.00 Account # 505 2017 7-17 7-31 Cr Cr Cr Cr Cr Cr Cr Cr Balance 0.00 Dr 9,975.00 Dr 0.00 Dr Mower Repair Expense Journal Page # Month-Day 7-1 0.00 3,450.00 4,425.00 15,775.00 16,075.00 44,825.00 52,825.00 0.00 Supplies Expense Month-Day 7-1 Balance Beginning Balance 1 Debit Credit 0.00 1,150.00 1,150.00 Balance 0.00 Dr 1,150.00 Dr 0.00 Dr christina serra Lenny's Lawn Service, Inc. - General Ledger Account # 510 Wages Expense 2017 Journal Page # Month-Day 7-1 Beginning Balance 7-7 1 7-14 1 7-21 1 7-28 2 7-31 2 Debit Credit 0.00 6,000.00 5,100.00 5,450.00 6,350.00 3,100.00 26,000.00 Account # 515 2017 Journal Page # Beginning Balance 7-1 1 Debit 500.00 2017 Journal Page # Beginning Balance 7-31 2 Debit 1,905.00 2017 7-31 Dr Dr Dr Dr Dr Dr Balance 0.00 Dr 500.00 Dr 0.00 Dr Balance 0.00 Dr 1,905.00 Dr 0.00 Dr Interest Expense Journal Page # Month-Day 7-1 Credit 0.00 1,905.00 7-31 Account # 550 Dr Depreciation Expense Month-Day 7-1 Credit 0.00 500.00 7-31 Account # 520 0.00 6,000.00 11,100.00 16,550.00 22,900.00 26,000.00 0.00 Truck Rental Expense Month-Day 7-1 Balance Beginning Balance 2 Debit Credit 0.00 780.00 780.00 Balance 0.00 Dr 780.00 Dr 0.00 Dr 4a11 christina serra Lenny's - July 31, 2017 Pre-Closing Trial Balance Account # Account Name Debit Credit 87,175.00 38,650.00 26,300.00 102,300.00 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 210 Interest Payable 215 Unearned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Earnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Do NOT copy cells from the Gen 19,905.00 1,150.00 3,100.00 780.00 36,500.00 0.00 35,000.00 118,800.00 36,640.00 52,825.00 9,975.00 1,150.00 26,000.00 500.00 1,905.00 780.00 Totals 294,735.00 CAUTION Enter amounts into the Pre-Closi by typing in the amounts. 304,700.00 christina serra Lenny's Lawn Service, Inc. Income Statement CAUTION Enter amounts into the Financial Statements by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance. for the Month Ended July 31, 2017 Service Revenue $52,825.00 Operating Expenses: Supplies Mower Repair Wages Truck Rental Depreciation (9,975.00) (1,150.00) (26,000.00) (500.00) (1,905.00) Total Operating Expenses Income from Operations Note the new line item on Lenny's Income Statement Income from Operations. This is Lenny's income from the normal operations of the lawn mowing business. Interest Expense, which is not a cost of operating the business but rather a cost of financing the business, is shown below Income from Operations. Interest Expense is subtracted from Income from Operations to arrive at Net Income. (39,530.00) 13,295.00 Interest Expense (780.00) Net In $12,515.00 Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2017 Beginning Balance July 1, 2016 Issue Common Stock Net Income Dividends Ending Balance July 31, 2016 Common Stock $50,000.00 68,800.00 Retained Earnings $48,125.00 (24,000.00) $118,800.00 Total $98,125.00 68,800.00 0.00 (24,000.00) $24,125.00 $142,925.00 This is the first time you have prepared a formal Statement of Stockholders' Equity for Lenny's. This statement shows what caused the change in Common Stock and in Retained Earnings from July 1, 2017 to July 31, 2017. Note that the Retained Earnings column on the statement looks different than the calculation you have been doing each month to determine the Retained Earnings amount needed for the Balance Sheet. Beginning Balance is the starting amount. In previous Retained Earnings calculations, you used Current Balance as the starting amount. Beginning Balance is the starting point for this calculation, because Dividends is shown as a line item (a deduction) in the Retained Earnings column. The Ending Balance in the Retained Earnings column is the balance needed for the Balance Sheet. ment of ws what Earnings ned Earnings ation you d Earnings ance is the ations, you g Balance nds is shown olumn. is the balance christina serra CAUTION Enter amounts into the Balance Sheet by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance. Lenny's Lawn Service, Inc. Balance Sheet as of July 31, 2017 Assets Current Assets: Cash Accounts Receivable Supplies Note the following three new sub-totals appearing on Lenny's Balance Sheet: Total Current Assets 0.00 Property & Equipment: Equipment Accumulated Depreciation Property & Equipment, net 0.00 Total Assets $0.00 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Unearned Revenue Total Current Assets is a total of those assets, which will turn-into cash during the next 12 months or be consumed during the next 12 months. The comparison of Total Current Assets to Total Current Liabilities gives some indication of Lenny's liquidity -that is, its ability to pay its bills in the short-term. Property & Equipment, net is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods. Total Current Liabilities is a total of those liabilities that will require payment in the next 12 months. In the case of Unearned Revenue, this current liability will be "paid-off" by Lenny's delivering mowing services to the university. Total Current Liabilities Long-Term Liabilities: Note Payable 0.00 Total Liabilities 0.00 Total Stockholders' Equity 0.00 Total Liabilities & Stockholders' Equity $0.00 Stockholders' Equity: Common Stock Retained Earnings christina serra Lenny's - July 31, 2017 Post-Closing Trial Balance 100 Cash CAUTION Enter amounts into the Post-Clos by typing in the amounts. 105 Accounts Receivable Do NOT copy cells from the Gene 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205 Wages Payable 210 Interest Payable 215 Unearned Revenue 220 Dividends Payable 250 Note Payable 300 Common Stock 305 Retained Earnings 400 Service Revenue 500 Supplies Expense 505 Mower Repair Expense 510 Wages Expense 515 Truck Rental Expense 520 Depreciation Expense 550 Interest Expense Account # Account Name Debit Totals Credit 0.00 0.00