Reference no: EM132639386
Problem 1: Write Journal Entries for the statements below
1) July 1 - Receive $68,700 cash from new investors, and issue $68,700 of common stock to them
2) July 1 - Purchase $44,700 of new mowing equipment, paying cash to the mower dealer
3) July 1 - Pay $500 cash for the July truck rental
4) July 3 - Invoice a new customer $5,130 for a completed mowing job-customer will pay in 10 days.
5) July 5 - the board of directors declared a cash dividend. The total amount of the dividend is $25,000. The date of record is set as July 15. The date of payment is set as July 31
6) July 7 - Pay the employees $5,800 for work performed during the 1st week of July.
7) July 10 - Completed a mowing job for a new customer-customer pays $4,200 cash for the job
8) July 12 - Collect $3,500 cash from the golf course for special rush mowing job completed on May 31
9) July 14 - Pay the employees $7,000 for work performed during the 2nd Week of July.
10) July 15 - Purchase $1,020 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
11) July 15 - Collect $5,130 on account. The cash that is received is from the new customer for the job that was completed on July 3.
12) July 17 - One of the original mowers purchased in January of 2020 broke down and is repaired by the mower dealer. The cost of the mower repair job is $575. Lenny's will pay the mower dealer in 30 days.
13) July 19 - purchase for cash$22,750 of supplies. These supplies will be consumed over the next 12 months.
14) July 20 - Collect $30,000 from the property management company for work performed in June.
15) July 21 - Pay the employees $7,100 for work performed during the 3rd week of July
16) July 23 - Receive a $23,750 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2021 to January 31, 2022
17) July 25 - Finish a special mowing job for the golf course. The total price for the mowing job is $5,350. The golf course pays $500 cash on this date and will pay the remainder on August 25
18) July 27 - Finish a mowing job for a new customer-customer pays $3,900 cash for the job
19) July 27 - Pay $1,020 cash to the mower dealer for the supplies purchased on account on July 15.
20) July 28 - Pay the employees $6,100 for work performed during the 4th week of July
21) July 31 - Invoice the property management company $19,900 for July mowing work. The property management company will pay the invoice on the 20th of next month.
22) July 31 - Pay the cash dividend which was declared on July 5.