Glorious garden lawn service | Accounting homework help

ACC 121 Glorious Garden Lawn Service

 

1. Prepare the entries using the list of transactions. Put them in the general journal.

2. Post the journal entries from the general journal to the general ledger.

3. Prepare a trial balance using the general ledger totals.

4. Complete the work sheet using the information for adjustments.

5. Prepare financial statements from the worksheet.

6. Make the adjusting journal entries in the general journal.

7. Post the adjustments to the general ledger.

8. Make the appropriate closing entries in the general journal.

9. Post the closing entries to the general ledger.

10. Prepare a post-closing trial balance.

CHART OF ACCOUNTS

 

 

ASSETS
100 Cash-Checking

105 Cash-Savings

110 Accounts Receivable-Mr. Foster

111 Accounts Receivable-Ms. Sanchez

112 Accounts Receivable- Mr Grayson

120 Advertising Materials

130 Office Supplies

140 Landscaping Supplies

150 2004 Nissan Pickup Truck

51 Accumulated Depreciation-Lawn Equipment

 

 

LIABILITIES

200 Note Payable-Aunt Emma

210 Accounts Payable-Lovell Home & Garden Center

220 Accounts Payable-VISA

230 Interest Payable

240 Unearned Revenue

 

 

CAPITAL
300 Jay Stevens, Capital

310 Jay Stevens, Drawing

320 Income Summary

 

 

REVENUES

400 Lawn Care/Landscaping Revenue

410 Interest Revenue

 

 

EXPENSES

500 Landscaping Supplies Expense

510 Gas and Oil Expense

520 Telephone Expense

530 Advertising Expense

540 Office Supplies Expense

545 Interest Expense

550 Pickup Truck Maintenance

560 Equipment Rental Expense

570 Insurance Expense

580 Depreciation Expense-Pickup Truck

590 Depreciation Expense-Lawn Equipment

 

 

NARRATIVE OF TRANSACTIONS

1) 7/1 Jay opened two accounts at Union State Bank, using $3000 of his own money. He deposited 2,500 in a checking account and $500 into savings.

2) 7/2 Jay borrowed $6,000 from his Aunt Emma and signed a note with 8% interest. Under the terms of the note, he must make payments of $250 plus accrued interest on the first day of each month. Jay put $4,500 into his checking account and $1,500 into savings.

3) 7/3 Jay purchased a 2004 Nissan pickup truck by writing a check for $4,820.

4) 7/3 Jay purchased insurance for the pickup truck at a cost of $150 per month. He paid for the month of July.

5) 7/3 Jay established a cell phone account for the business. The phone was free, and he paid $75 for the first month’s service.

6) 7/5 Jay returned to the bank an applied for a VISA care. He received a card with a $1,000 credit limit.

7) 7/5 Jay purchased a lawn mower and garden tools on account from Lovell Home & Garden Center. The total cost was $1,080. (Debit Lawn Equipment)

8) 7/6 Jay purchased $185 worth of gloves, stakes, trimmer lines, and other supplies at the local hardware store using his VISA card.

9) 7/6 Jay paid $80 cash from gas and oil for his pickup truck and the mower.

10) 7/7 A box of 500 additional checks arrived from the bank along with a memo that the $25 cost was charged to Jay’s checking account. He considered this an immaterial amount and charged it all to Office Supplies Expense.

11) 7/7 Jay had 1,500 advertising flyers printed to promote his new business. The flyers cost $225 and are considered advertising materials. He also purchased $90 of office supplies. Jay used his VISA for all of these purchases.

12) 7/8 One of Jay’s neighbors, Mr. Adams, is leaving town for six weeks. He paid Jay $360 to mow his lawn each week and keep his hedges trimmed while he is away.

13) 7/9 Jay paid $75 cash to rent some equipment needed for the Foster job (see transaction 15).

14) 7/10 Jay purchased another $60 of gas using his VISA card.

15)7/11 Jay completed a landscaping and clean-up job for Mr. Foster. He left Mr. Foster a bill for $720.

16) 7/13 Jay charged another $140 in landscaping supplies at Lovell Home & Garden Center.

17) 7/14 Jay completed a $550 job for Mrs. Sanchez. She had hired him to mow her lawn and create a perennial flower bed in the front of her house. Mrs. Sanchez paid him $250 and agreed to pay the rest later.

18) 7/15 Jay’s girlfriend insisted that he take a break. He withdrew $120 from his checking account to go out for a nice evening with his girlfriend, Vanessa.

19) 7/16 Jay charged $110 on his VISA card for an oil change and some other minor maintenance on his truck.

20) 7/17 Jay paid Lovell Home & Garden Center $175 on his account. I have about 15 more entries, but there’s not enough characters in this question box. Please let me know if you can be of assistance. I will type in the rest of the entries and upload the Excel Template.

 

 

Instructions

Use this workbook to complete the Glorious Garden Lawn Service practice set for ACC121. There are 6 tabs that include the general journals, general ledger, worksheet, financial statements and post closing trial balance.

 

 

 

Read the introduction on page one of the practice set and follow the instructions on page two. The practice set is to be completed individually throughout the course with portions due during weeks three, four and five

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