Please Write Out The General Journals Date Description of the Transaction July1
ID: 2533159 • Letter: P
Question
Please Write Out The General Journals
Date Description of the Transaction July1 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 July 1 July 1 July 1 July 3 July 5 into the General Journal and posted to the General Ledger.) Receive $73,500.00 cash from new investors, and issue $73,500.00 of Common Stock to them. Purchase $44,700.00 of new mowing equipment, paying cash to the mower dealer Pay $500.00 cash for the July truck rental Invoice a new customer $3,340.00 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 $28,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31 July 7 Pay the employees $6,500.00 for work performed during the 1st week of July July 10 Complete a mowing job for a new customer customer pays $890.00 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 $5,000.00 for work performed during the 2nd week of July July 15 Purchase $910.00 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 $3,340.00 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 2016 broke down and is repaired by the mower July 19 July 20 July 21 July 23 dealer. The cost of the Mower Repair job is $995.00. 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 $4,850.00 for work performed during the 3rd week of July Receive a $27,500.00 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 July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $5,850.00 The golf course pays $1,000.00 cash on this date and will pay the remainder on August 25 July 27 Complete a mowing job for a new customer customer pays $400.00 cash for the job July 27 Pay $910.00 cash to the mower dealer for the supplies purchased on account on July 15 July 28 Pay the employees $5,600.00 for work performed during the 4th week of July July 31 Invoice the property management company $22,250.00 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 5Explanation / Answer
Lenny's Lawn Service Inc.-General Journal 2017 Account Month-Day No Account Name Posted Debit Credit 7-1 100 Cash A/c 73500 300 Common Stock A/c 73500 Amount received from sale of shares 7-1 150 Equipment 44700 100 Cash 44700 Amount paid for purchase of equipment 7-1 515 Truck Rental 500 100 Cash 500 Amount paid for truck rental 7-3 105 Accounts Receivable 3340 400 Service Revenue 3340 Customer billed for mowing service 7-7 510 Wages Expense 6500 100 Cash 6500 Amount paid towards wages 7-10 100 Cash 890 400 Service Revenue 890 Amount received for customer service 7-12 100 Cash 3500 105 Accounts Receivable 3500 Amount received from customer service 7-14 510 Wages Expense 5000 100 Cash 5000 Amount paid towards wages 7-15 305 Retained Earnings 28000 220 Dividend Payable 28000 Record date for payment of dividend 7-15 500 Supplies Expense 910 200 Accounts Payable 910 Supplies purchased on credit 7-15 100 Cash 3340 105 Accounts Receivable 3340 Amount received from customer service 7-17 505 Mower Repair Expense 995 200 Accounts Payable 995 Expense incurred for mower repair 7-19 500 Supplies Expense 31000 100 Cash 31000 Supplies procured for cash 7-20 100 Cash 30000 105 Accounts Receivable 30000 Amount received from customer service 7-21 510 Wages Expense 4850 100 Cash 4850 Amount paid towards wages 7-23 100 Cash 27500 215 Unearned Revenue 27500 Advance received from customer 7-25 100 Cash 1000 105 Accounts Receivable 4850 400 Service Revenue 5850 Customer service rendered partly on cash and partly on credit 7-27 100 Cash 400 400 Service Revenue 400 Cash received for customer service 7-27 200 Accounts Payable 910 100 Cash 910 Cash paid for supplies 7-28 510 Wages Expense 5600 100 Cash 5600 Amount paid towards wages 7-31 105 Accounts Receivable 22250 400 Service Revenue 22250 Customer billed for mowing service 7-31 220 Dividend Payable 28000 100 Cash 28000 Dividend Paid 7-31 520 Depreciation 1545 150 Equipment 1545 (Assuming old and new mowers will be depreciated in the same manner) Depreciation charged on old and new mowers 155 Accumulated Depreciation 520 Depreciation Depreciation transferred to accumulated depreciation a/c 7-31 510 Wages Expense 2575 205 Wages Payable 2575 Liability created for wages 7-31 550 Interest Expense 880 210 Interest Payable 880 Liability created for interest
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