FI504_Case_Study_1_The_Complete_Accounting_Cycle(1)

FI504_Case_Study_1_The_Complete_Accounting_Cycle(1) - July...

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During its first month of operation, the Parkview Landscaping Corporation, which specializes in residential lan completed the following transactions: July 1 Began business by making a deposit in a company bank account of $24,000, in exchange for 4,800 shares of $5 par value common stock. July 1 Paid the premium on a one-year insurance policy, $2,400. July 1 Paid the current month's rent, $2,080. July 3 Purchased landscaping equipment from Brookwood Company, $8,800. Paid $1,200 down and the placed on account. Payments will be $400.00 per month for nineteen months. The first payment i Note: Use Accounts Payable for the Balance Due. July 8 Purchased landscaping supplies from Lakeside Company on credit, $780. July 12 Paid utility bill for July, $308. July 16 Received cash for landscaping revenue for the first half of July, $2,724.
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Unformatted text preview: July 19 Made payment on account to Lakeside Company, $400. July 31 Received cash for landscaping revenue for the last half of July, $2,620. July 31 Declared and paid cash dividend of $1,600. Prepare journal entries to record the July transactions in the General Journal below. General Journal Date Description(Account Name) Debit Credit 1-Jul cash 24000 common stock 24000 1-Jul prepaid insurance 2400 cash 2400 1-Jul rent expense 2080 cash 2080 3-Jul landscaping equipment 8,800 cash 1200 accounts payable 7600 8-Jul landscaping supplies 780 accounts payable 780 12-Jul Utlility expense 308 cash 308 16-Jul cash 2724 lanscaping revenue 2724 19-Jul accounts payable 400...
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This note was uploaded on 03/24/2012 for the course FINANCE FI504 taught by Professor Brown during the Spring '12 term at DeVry Chicago.

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