DIRECTION: JOURNALIZE ENTRIES BELOW

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

 

JULY 5^TH   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 15^TH. THE DATE OF THE PAYMENT IS SET AS JULY 31.

 

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

 

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

 

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

 

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

 

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

 

JULY 17^TH    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 19^TH   PURCHASE FOR CASH $21,000.00 OF SUPPLIES. THESE SUPPLIES WILL BE CONSUMED OVER THE NEXT 12 MONTHS.

 

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

 

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

 

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

 

JULY 25^TH     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 25^TH.

 

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

 

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

 

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

 

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

 

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

 

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 1^ST, 2019

 

WAGES DUE: THE LAST WAGE PAYMENT WAS MADE TO THE EMPLOYEES ON JULY 28^TH, 2019. THE EMPLOYEES WORKED ON JULY 29, 30^TH AND 31^ST. 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 31^ST AND THE BANK INDICATES THAT THE INTEREST ON THE LOAN FOR JULY IS $695.00