question archive DIRECTION: JOURNALIZE ENTRIES BELOW

DIRECTION: JOURNALIZE ENTRIES BELOW

Subject:AccountingPrice: Bought3

DIRECTION: JOURNALIZE ENTRIES BELOW.

 

DATE                              DESCRIPTION OF THE TRANSACTION

JULY 1     BORROW $35,000.00 FROM THE 1ST BANK BY SIGNING A 24 MONTH NOTE

 

JULY 1    RECEIVED $75,250.00 CASH FROM NEW INVESTORS AND ISSUE $75,250.00 OF  COMMON STOCK TO THEM.

 

JULY 1   $41,400 OF NEW MOWING EQUIPMENT PAYING CASH TO THE MOWER DEALER

 

JULY 1    PAY $500.00 CASH FOR THE JULY TRUCK RENTAL

 

JULY 3RD   INVOICE A NEW CUSTOMER $2,125.00 FOR A COMPLETED MOWING JOB—CUSTOMER WILL PAY IN 10 DAYS.

 

JULY 5TH   THE BOARD OF DIRECTOR DECLARED A CASH DIVIDEND. THE TOTAL AMOUNT OF THE DIVIDEND IS 22,500.00 THE DATE OF RECORD IS SET AS JULY 15TH. THE DATE OF THE PAYMENT IS SET AS JULY 31.

 

JULY 7TH     PAY THE EMPLOYEES $6,000.00 FOR WORK PERFORMED DURING THE FIRST WEEK OF JULY

 

JULY 10TH       MOWING JOB FOR A NEW CUSTOMER—CUSTOMER PAYS $6,500.00 CASH FOR THE JOB

 

JULY 12TH   COLLECT $3,500.00 CASH FROM THE GOLD COURSE FOR SPECIAL RUSH MOWING, JOB COMPLETED ON MAY 31

 

JULY 14TH   PAY THE EMPLOYEES $7,500 FOR WORK PERFORMED DURING THE 2ND WEEK OF JULY

 

JULY 15TH   PURCHASE $1,180.00 OF SUPPLIES FROM THE MOWER DEALER. THE SUPPLIES ARE CONSUMED IMMEDIATELY. LENNYS WILL PAY THE MOWER DEALER FOR THE SUPPLIES IN ABOUT 2 WEEKS.

 

JULY 15TH    COLLECT $2,125.00 ON ACCOUNT. THE CASH THAT IS RECEIVED IS FROM THE NEW CUSTOMER FOR THE JOB THAT WAS COMPLETED ON JULY 3RD.

 

JULY 17TH    ONE OF THE ORIGINAL MOWERS PURCHASED IN JANUARY 2018 BROKE DOWN AND IS REPAIRED BY THE MOWER DEALER. THE COST OF THE MOWER REPAIR JOB IS $720.00. LENNY'S WILL PAY THE MOWER DEALER IN 30 DAYS

 

JUYL 19TH   PURCHASE FOR CASH $21,000.00 OF SUPPLIES. THESE SUPPLIES WILL BE CONSUMED OVER THE NEXT 12 MONTHS.

 

JULY 20TH     COLLECT $30,000.00 FORM THE PROPERTY MANAGEMENT COMPANY FOR WORK PERFORMED IN JUNE.

 

JULY 21ST  PAY THE EMPLOYEES $6,850.00 FRO WORK PERFORMED DURING THE 3RD WEEK OF JULY.

 

JULY 23RD    RECEIVE $25,500.00 ADVANCE PAYMENT FROM THE UNIVERSITY. THE ADVANCE PAYMENT IS FOR 6 MONTHS OF WORK WHICH WILL BE PERFORMED FROM AUGUST 1ST, 2019 TO JANUARY 31ST, 2020

 

JULY 25TH     SPECIAL MOWING JOB FOR THE GOLF COURSE. THE TOTAL PRICE FOR THE MOWING JOB IS $3900.00. THE GOLF COURSE PAYS $500.00 CASH ON THIS DATE AND WILL PAY THE REMAINDER ON AUGUST 25TH.

 

JULY 27TH   MOWING JOB FOR A NEW CUSTOMER--- CUSTOMER PAYS $3,800.00 CASH FOR THE JOB.

 

JULY 27TH      PAYS $1,180.00 CASH TO THE MOWER DEALER FOR THE SUPPLIES PURCHASED ON THE ACCOUNT JULY 15TH

 

JULY 28TH       PAYS EMPLOYEES $5300.00 FOR WORK PERFORMED DURING THE 4TH WEEK OF  JULY.

 

JULY 31ST   INVOICE TH PROPERTY MANAGEMENT COMPANY $15,050.00 FOR JULY MOWING WORK.THE PROPERTY MANAGEMENT COMPANY WILL PAY THE INVOICE ON THE 20TH OF THE NEXT MONTH

 

JULY 31ST     PAY THE CASH DIVIDEND WHICH WAS DECLARED ON JULY 5TH.

 

ADDITIONAL INFORMATION:

 

SUPPLIES: AT THE END OF JULY THERE ARE $21,700.00 SUPPLIES ON HAND

 

MOWING SERVICE AT THE UNIVERSITY: THE MONTHLY MOWING SERVICE WAS PROVIDED TO THE UNIVERSITY PER THE CONTRACT SIGNED ON APRIL 1ST, 2019

 

WAGES DUE: THE LAST WAGE PAYMENT WAS MADE TO THE EMPLOYEES ON JULY 28TH, 2019. THE EMPLOYEES WORKED ON JULY 29, 30TH AND 31ST. FRO THESE 3 DAYS THE EMPLOYEES EARNED $2275.00 OF WAGES. THESE 3 DAYS OF WAGES WILL BE PAID DURING THE FIRST WEEK OF AUGUST.

 

BANK LOAN: THE INTEREST ON THE LOAN FROM THE FIRST BANK WILL BE PAID EVERY THREE MONTHS. THE FIRST INTEREST PAYMENT WILL BE MADE ON SEPTEMBER 30, 2019. LENNY S CALLS THE BANK ON JULY 31ST AND THE BANK INDICATES THAT THE INTEREST ON THE LOAN FOR JULY IS $695.00 

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