Question & Answer: Lenny's Lawn Service, Inc. – Transactions Additional Information July 2017 Transactions Date Description of the Tran…..

I need help creating a general journal for this accounting project

Here are the transactions and account numbers

Lenny’s Lawn Service, Inc. – Transactions Additional Information July 2017 Transactions Date Description of the Transaction Borrow $35,000.00 from 1stBankandpointansaction tr this transactionhas al July 1 (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.) July 1 Receive $71,700.00 cash from new investors, and issue $71,700.00 of Common Stock to them. 1 July 1 Purchase $41,100.00 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 $2,860.00 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 s28,000.00 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 $2,860.00 on account. The cash that is received is from the new customer for the jotb that was completed on July 3

Expert Answer

Journal Entry
Date	Particulars	Dr. Amt.	Cr. Amt.

1-Jul	Cash Dr.	35,000
	To Notes Payable		35,000

1-Jul	Cash Dr.	71,700
	To Common Stock		71,700

1-Jul	Equipment Dr.	41,100
	To Cash		41,100

1-Jul	Truck Rental Expenses Dr.	500
	To Cash		500

3-Jul	Accounts Receivable Dr.	2,860
	To Service Revenue		2,860

5-Jul	Dividends Dr.	28,000
	To Dividend Payable		28,000

7-Jul	Wages Expenses Dr.	6,500
	To Cash		6,500

10-Jul	Cash Dr.	890
	To Service Revenue		890

12-Jul	Cash Dr.	3,500
	To Accounts receivable		3,500

14-Jul	Wages Expenses Dr.	5,000
	To Cash		5,000

15-Jul	Supplies Dr.	910
	To Acconts Payable		910

15-Jul	Cash Dr.	2,860
	To Unearned Revenue		2,860

17-Jul	Mower Repair Expenses Dr.	1,240
	To Cash		1,240

19-Jul	Supplies Dr.	31,000
	To Cash		31,000

20-Jul	Cash Dr.	30,000
	To Service Revenue		30,000

21-Jul	Wages Expenses Dr.	4,850
	To Cash		4,850

23-Jul	Cash Dr.	25,250
	To Unearned Revenue		25,250

25-Jul	Cash Dr.	1,000
	Accounts Receivable Dr.	5,150
	To Service Revenue		6,150

27-Jul	Cash Dr.	400
	To Service Revenue		400

27-Jul	Accounts Payable Dr.	910
	To Cash		910

28-Jul	Wages Expenses Dr.	5,600
	To Cash		5,600

31-Jul	Accounts Receivable Dr.	19,750
	To Service Revenue		19,750

31-Jul	Dividend Payable Dr.	28,000
	To Cash		28,000

Adjusting Entries

31-Jul	Depreciation Expenses Dr.	685
	To Accumulated Dep. – Equipment		685

Dep. Exp = ($41,100 / 5 Years) X 1/12 = $685

No Information is given for Equipment (Beginning) about Depreciation rate and life of the eqquipment. So, depreciation cannot be calculated.

31-Jul	Supplies Expenses Dr.	910
	To Supplies		910

No in formation is given about the beginning balance of supplies.
So, Supplies Expenses = $31,910 – $31,000 = $910

31-Jul	Unearned Revenue Dr.
	To Service Revenue

No information is given about the Unearned revenue from University. So amount cannot be ascertained.

31-Jul	Wages Expenses Dr.	2,425
	To Wages Payable		2,425

31-Jul	Interest Expenes Dr.	835
	To Interest Payable		835

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