Question

need assistance post to general journal and assist with IS & Sequity, Balance Sheet and Post Close TB

July 2019 Transactions Date Description of the Transaction 1 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 into the General Journal and posted to the General Lodger.) July 1 Receive $80,050.00 cash from new investors, and issue $80,050.00 of Common Stock to them. in July 1 Purchase 545,900.00 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 $2,695.00 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 $22,500.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees 56,000.00 for work performed during the 1st week of July July 10 Complete a mowing job for a new customer -- customer pays $6,500.00 cash for the job July 12 Collect $3,500.00 castrom the golf course for special rush mowing job completed on May 31, July 14 Pay the omployees $7.500.00 for work performed during the 2nd week of July July 15 Purchase 51,180 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 $2.695.00 on account the cash that is received is from the new customer for the job that was completed on July 3 July 17 One of the original mowers purchased in January of 2018 broke down and is repaired by the mower dealer The cost of the Mower Repair job is 5645 00 Lenny's will pay the mower dealer in 30 days Trial Bal GL Rev Exp Lab Equity Journal Glasses Trans Direction IS & SEquity

Answer 1

The journal entries for the first four subparts of Part 1 are as under:

Cash/Bank (Debit)                           $35,000

                To Notes payable (Credit)            $35,000

For amount borrowed my signing a note

Cash (Debit)                       $80,050

                To Common Stock (Credit)           $80,050

For cash received on issuance of common stock

Equipment (Debit)          $45,900

                To Cash (Credit)                                $45,900

For purchasing equipment by cash

Rent expenses (Debit) $500

                To Cash (Credit)                                $500

For paying rental expenses in cash

I am supposed to answer only the first 4 subparts of the first question. Please note for each additional (sub part) question you need to create separate questions.