Question

please help with the journal entries. I am confused on what numbers to put and how to get them.
Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2021 Transactions Date Description of the Transaction 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 Ledger.) July 1 Receive $69,300.00 cash from new investors, and issue $69,300.00 of Common Stock to them. July 1 Purchase $45,900.00 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 $5,185.00 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 $25,000.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $5,800.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer -- customer pays $4,200.00 cash for the job. July 12 Collect $3,500.00 cash from the golf course for special rush mowing job completed on May 31. DOO July 14 Pay the employees $7,000.00 for work performed during the 2nd week of July. July 15 Purchase $1,020.00 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 $5,185.00 on account. The cash that is received is from the new customer for the job that was completed on July 3

Answer 1

Solution ;

                          Journal entries

Date	Particulars	Debit	Credit
Jul 1	Cash    a/c	35000
	To Notes payable		35000
Jul 1	Cash a/c	69300
	To Common stock		69300
Jul 1	Equipment a/c	45900
	To Cash		45900
Jul 1	Truck rental expense a/c	500
	To Cash		500
Jul 3	Accounts receivable a/c	5185
	To Service revenue		5185
Jul 5	Dividends a/c	25000
	To Divident payable		25000
Jul 7	Wages expense a/c	5800
	To Cash		5800
Jul 10	Cash a/c	4200
	To Service revenue		4200
Jul 12	Cash a/c	3500
	To Accounts receivable		3500
Jul 14	Wages expense a/c	7000
	To Cash		7000
Jul 15	Supplies a/c	1020
	To Accounts payable		1020
Jul 15	Cash a/c	5185
	To Unearned revenue		5185
Jul 17	Mower repair expense a/c	600
	To Cash		600
Jul 19	Supplies a/c	22750
	To Cash		22750
Jul 20	Cash a/c	30000
	To Service revenue		30000
Jul 21	Wages expense a/c	7100
	To Cash		7100
Jul 23	Cash a/c	24500
	To Unearned revenue		24500
Jul 25	Cash a/c	500
	Accounts receivable a/c	5050
	To Service revenue		5550
Jul 27	Cash a/c	3900
	To Service revenue		3900
Jul 27	Accounts payable a/c	1020
	To Cash		1020
Jul 28	Wages expense a/c	6100
	To Cash		6100
Jul 31	Accounts receivable a/c	19650
	To Service revenue		19650
Jul 31	Divident payable a/c	25000
	To Cash		25000

                            

                          Adjusting journal entries

Date	Particulars	Debit	Credit
Jul 31	Depreciation expense a/c(41100/5years) * 1/12	685
	To Accumulated depreciation		685
	(No information is given for equipment (begining)about
	depreciation rate and life of the equipment . So , depreciation
	can not be calculated)
Jul 31	Supplies expense a/c	180
	To Supplies		180
	(No information is given about begining balance of suplies
	Supplies expense = (22750+1020) - 23950 = 180
Jul 31	Unearned revenue a/c
	To Service revenue
	(No information is given about the unearned revenue from university .Amount cannot be ascertained)
Jul 31	Wages expense a/c	3575
	To Wages payable		3575

Jul 31 Interest expense a/c                                                          975

              To Interest payable                                                          975