Question

I Dont know what journal entry I did wrong? Can someone please check over my work so I can balance out the trial balance and post closing trial balance. Thanks!

Weige Richard ACA Formulas Draw View Data Review Home Ensert Page Layout Tell me Α Α΄ = = = 25 Wrap Text Paste Merge & Center $ % 9 TU a. Av B Xfx Tonny's Lawn Service, Inc. - Transactions - Agarionarinformation July 2021 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As exple of how to journure and post a transaction this transaction ready been entered Into the General Journal and posted to the General Ledger.) July 1 Receive $65,700.00 cash from new investors, and issue $65,700.00 of Common Stock to them. July 1 Purchase $43,800.00 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 $4,725.00 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. 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 $4,725.00 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 2020 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $420.00. Lenny's will pay the mower dealer in 30 days. July 19 Purchase for cash $22,750.00 of supplies. These supplies will be consumed over the next 12 months. July 20 Collect $30,000.00 from the property management company for work performed in June. July 21 Pay the employees $7.100.00 for work performed during the 3rd week of July Trans A Chart Accts Journal GL Lab-Equity GL Rev-Exp GL Assets Ready

Answer 1

Hi,

All the entries are correctly passed but I could not verify the following amounts -

• Depreciation - as details of older equipment are missing - like estimated life,salvage value
• Supply Expenses booked for closing balance of Supplies could not be verified - No opening balanvce information is available
• Details of Contract signed in April for Mowing service is also not available in above screenshots hence amount cannot be verified though Journal is correct.

Will suggest you only recheck the above rest all Journals are correct.