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Need assistance post to general journal and assist with IS & Sequity, Balance Sheet and Post...

Question:

need assistance post to general journal and assist with IS & Sequity, Balance Sheet and Post Close TB
July 2019 Transactions Date Description of the Transaction 1 July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month not
July 19 Purchase for cash $21,000.00 of supplies. These supplies will be consumed over the next 12 months July 20 Collect $30
will was declared on July 5. Additional Information Equipment: The $48,000.00 beginning balance in the Equipment account rela
July 19 Purchase for cash $21,000.00 of supplies. These supplies will be consumed over the next 12 months July 20 Collect $30
107 the Month Ended July 31, 2019 UU ALIPy TENS TOT Te veterartenge $43,595.00 Service Revenue Operating Expenses: Supplies M
Note the following three new sub-t Lennys Balance Sheet Current Assets: Cash $106,065.00 Accounts Receivable 22,100.00 Suppl
July 2019 Transactions Date Description of the Transaction 1 July 1 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 Lodger.) July 1 Receive $80,050.00 cash from new investors, and issue $80,050.00 of Common Stock to them. in July 1 Purchase 545,900.00 of new mowing equipment, paying cash to the mower dealer. July 1 Pay $500.00 cash for the July truck rental July 3 Invoice a new customer $2,695.00 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 $22,500.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees 56,000.00 for work performed during the 1st week of July July 10 Complete a mowing job for a new customer -- customer pays $6,500.00 cash for the job July 12 Collect $3,500.00 castrom the golf course for special rush mowing job completed on May 31, July 14 Pay the omployees $7.500.00 for work performed during the 2nd week of July July 15 Purchase 51,180 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 $2.695.00 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 2018 broke down and is repaired by the mower dealer The cost of the Mower Repair job is 5645 00 Lenny's will pay the mower dealer in 30 days Trial Bal GL Rev Exp Lab Equity Journal Glasses Trans Direction IS & SEquity
July 19 Purchase for cash $21,000.00 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 56,850.00 for work performed during the 3rd week of July. July 23 Receive a $22,500.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2019 to January 31, 2020 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $3,300.00 The golf course pays 5500.00 cash on this date and will pay the remainder on August 25. July 27 Complete a mowing job for a new customer -- customer pays $3,800.00 cash for the job. July 27 Pay $1,180.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees 55,300.00 for work performed during the 4th week of July July 31 Invoice the property management company 519,300.00 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 548 000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2 2018 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 BASH Post Clo 15 & SE The following information relates to the new equipment which was purchased on July 1, 2019 The new equipment was placed into service on July 1, 2019 and should be depreciated for the month of July The estimated useful life of the new equipment is 5 vears Journal Trans a Rev Exp LG Assets Chart ALL Trial al Labouty Tons
will 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 2018 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. Hep Tell me what you want to do The following information relates to the new equipment which was purchased on July 2019 - The new equipment was placed into service on July 1, 2019 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 $21,400.00 supplies on-hand. Mowing Service at the University: The monthly mowing service was provided to the university per the contract signed on April 1. 2019 For information on the contract with the university and the related advance payment se Pages 95 and 98 in Solid Footing book Wages Due the Employees: The last wage payment was made to the employees on July 28 2019. The employees worked on July 29, 30 and 31. For these three days of work the employees earned $2.575.00 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, 2019. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $785.00 Baht Post Tralal 15 & SE GL Rey Exp ano Equity Journal GL Asset
July 19 Purchase for cash $21,000.00 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 56,850.00 for work performed during the 3rd week of July. July 23 Receive a $22,500.00 advance payment from the university. The advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2019 to January 31, 2020 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $3,300.00 The golf course pays $500.00 cash on this date and will pay the remainder on August 25. halaan 0 0ODL July 27 Complete a mowing job for a new customer-customer pays $3,800.00 cash for the job. July 27 Pay $1,180.00 cash to the mower dealer for the supplies purchased on account on July 15, July 28 Pay the employees 55,300.00 for work performed during the 4th week of July July 31 Invoice the property management company $19,300.00 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 548.000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2 2018 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 Bash Post Clo S & SEquity The following information relates to the new equipment which was purchased on July 1, 2019 The new equipment was placed into service on July 1. 2019 and should be depreciated for the month of July The estimated useful le of the new equipment is 5 vears Trans Chat Act Journal Glab-quity Rerup Trial al
107 the Month Ended July 31, 2019 UU ALIPy TENS TOT Te veterartenge $43,595.00 Service Revenue Operating Expenses: Supplies Mower Repair Wages Truck Rental Depreciation Total Operating Expenses Income from Operations Interest Expense Net Income (22,580.00) (645.00) (28,225.00) (500.00) (800.00) (52.750.00) (9.155.00) (785.00) (59.940.00 Note the new line item on Lenny's Inc Income from Operations. This is L the normal operations of the lawn mov Interest Expense, which is not a cost business but rather a cost of financing below Income from Operations. Interes from Income from Operations to arrive a Lenny's Lawn Service, Inc. Statement of Stockholders' Equity for the Month Ended July 31, 2019 This is the first time yo Stockholders' Equity caused the change in C from July 1, 2019 to July column on the stateme have been doing each ma amount needed for the Ba starting amount. In prew used Current Balance as is the starting point for this as a line item (a deductio Common Stock $50,000.00 80.050.00 Beginning Balance July 1, 2019 Issue Common Stock Net Income Dividends Ending Balance July 31, 2019 Retained Earnings Total $48.125.00 598, 125.00 80.050.00 9.940.00 9.940.00 (22.500.00)- 22,500.00) $35.565 $165.615.00 The Ending Balance in th needed for the Balance She $130.050.00 GL Liab-Equity GL Rev-Exp GL Assets Journal Chart Accts Directions Trans sing
Note the following three new sub-t Lenny's Balance Sheet Current Assets: Cash $106,065.00 Accounts Receivable 22,100.00 Supplies 3,975.00 Total Current Assets 132, 140.00 Property & Equipment: Equipment 93,900.00 Accumulated Depreciation (18.800.00) Hot Property & Equipment, net Total Assets $207 240.00 Total Current Assets is a total oft which will turn-into cash during the be consumed during the next 12 mo comparison of Total Current Assets Liabilities gives some indication of L that is its ability to pay its bills in the 75.100.00 Property & Equipment, net is the a Asset cost, which remains to be dep accounting periods. Liabilities & Stockholders' Equity Current Liabilities Accounts Payable Wages Payable Interest Payable Unearned Revenue Total Current Liabilities Long-Term Liabilities Note Payable Total Liabilities Total Current Liabilities is a total of liabilities that will require payment in ti months. In the case of Uneamed Rew current liability will be "paid-off" by Ler mowing services to the university $645.00 2,575.00 785.00 22,500.00 26,505.00 35,000.00 61,505.00 130.050.00 35.565 00 Stockholders Equity Common Stock Retained Earnings Total Stockholders Equity Total Liabilities & Stockholders' Equity 165.615.00 $227120.00

Answers

The journal entries for the first four subparts of Part 1 are as under:

Cash/Bank (Debit)                           $35,000

                To Notes payable (Credit)            $35,000

For amount borrowed my signing a note

Cash (Debit)                       $80,050

                To Common Stock (Credit)           $80,050

For cash received on issuance of common stock

Equipment (Debit)          $45,900

                To Cash (Credit)                                $45,900

For purchasing equipment by cash

Rent expenses (Debit) $500

                To Cash (Credit)                                $500

For paying rental expenses in cash

I am supposed to answer only the first 4 subparts of the first question. Please note for each additional (sub part) question you need to create separate questions.

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