90.2K

Verified Solution

Link Copied!

Make an entry in the general journal for each transaction and post to ledger accounts ! Please make sure to make journal entries for the additional information given as well ! After journalizing Post to general ledger and do a trial balance , make sure to also close the service revenue account and expense accounts

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 July 1 July 1 July 1 July 3 Invoice a new customer $3.340.00 for a completed mowing job -customer will pay in 10 days into the General Journal and posted to the General Ledger-) Receive S73 500.00 cash from new investors, and issue S73 500.00 of C mon Stock to them. Purchase $44,700.00 of new rowing equipment, paying cash to the mower dealer. Pay $500.00 cash for the July truck rental. July 5 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 Pay the employees se,500.00 for work performed during the 1st week of July. Complete a mowing job for a new customer - customer pays $890.00 cash for the job July 7 July 10 July 12 Colect $3.500.00 cash from the golf course for special rush mo ng ob 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

Answer & Explanation Solved by verified expert

See Answer