Journal EntriesREQUIREMENT #1:During its first month of operation, the IDEAL Landscaping Corporation, which specializes in residential landscaping,completed the following transactions:2013July 1Began business by making a deposit in a company bank account of $24,000, in exchangefor 4,800 shares of $5 par value common stock.July 1Paid the premium on a one-year insurance policy, $2,400.July 1Paid the current month's rent, $2,080.July 3Purchased landscaping equipment from DVB, $8,800. Paid $1,200 down and the balance wasplaced on account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1.Note: Use Accounts Payable for the Balance Due.July 8Purchased landscaping supplies from Meadow Woods Company on credit, $780.July 12Paid utility bill for July, $308.July 16Received cash for landscaping revenue for the first half of July, $2,724.July 19Made payment on account to Meadow Woods Company, $400.July 31Received cash for landscaping revenue for the last half of July, $2,620.July 31Declared and paid cash dividend of $1,600.Prepare journal entries to record the July transactions in the General Journal below.Use the following account names for journal entries.General JournalChart of Accounts: Account Title (Normal Balance)DateDescription(Account Name)DebitCreditAssetsCash (Debit)Prepaid Insurance (Debit)Landscaping Supplies (Debit)Landscaping Equipment (Debit)Accum Depr -Equipment (Credit)LiabilitiesAccounts Payable (Credit)Income Tax Payable (Credit)Stockholders EquityCommon Stock (Credit)Retained Earnings (Credit)Dividends (Debit)RevenueLandscaping Revenue (Credit)ExpensesRent Expense (Debit)Utility Expense (Debit)Insurance Expense (Debit)Supplies Expense (Debit)Depreciation Expense (Debit)Income Tax Expense (Debit)00Note: Remember that Debits must equal Credits - All of your Journal Entries should balance. Berry, Jennifer K: debits = 45,712 Berry, Jennifer K: debits = 45,712 General LedgerThis Sheet will be used for Requirements 2, 5, and 9REQUIREMENT #2:Post the July journal entries to the following T-Accounts and compute ending balances.Cash (111)Landscaping Revenue (411)Prepaid Insurance (117)Rent Expense (511)Landscaping Supplies (119)Utility Expense (512)Landscaping Equipment (144)Insurance Expense (513)Accum. Depr.-Equipment (145)Supplies Expense (514)Accounts Payable (212)Depreciation Expense (515)Income Taxes Payable (213)Income Taxes Expense (516)Common Stock (311)Retained Earnings (312)Dividends (313) Berry, Jennifer K: cash balance = debit 21,356 Trial BalanceREQUIREMENT #3:Prepare a trial balance for July in the space below.IDEAL Landscaping CorporationTrial BalanceJuly 3100 Berry, Jennifer K: debits = 37,324 Berry, Jennifer K: debits = 37,324 Adjusting EntriesRequirement #4:Prepare adjusting entries using the following information in the General Journalbelow. Show your calculations!a) One month's insurance has expired.b) The remaining inventory of landscaping supplies is $388.c) The estimated depreciat ...

1. Journal EntriesREQUIREMENT #1:During its first month of
operation, the IDEAL Landscaping Corporation, which
specializes in residential landscaping,completed the following
transactions:2013July 1Began business by making a deposit in a
company bank account of $24,000, in exchangefor 4,800 shares
of $5 par value common stock.July 1Paid the premium on a one-
year insurance policy, $2,400.July 1Paid the current month's
rent, $2,080.July 3Purchased landscaping equipment from DVB,
$8,800. Paid $1,200 down and the balance wasplaced on
account. Payments will be $400.00 per month for nineteen
months. The first payment is due 8/1.Note: Use Accounts
Payable for the Balance Due.July 8Purchased landscaping
supplies from Meadow Woods Company on credit, $780.July
12Paid utility bill for July, $308.July 16Received cash for
landscaping revenue for the first half of July, $2,724.July
19Made payment on account to Meadow Woods Company,
$400.July 31Received cash for landscaping revenue for the last
half of July, $2,620.July 31Declared and paid cash dividend of
$1,600.Prepare journal entries to record the July transactions in
the General Journal below.Use the following account names for
journal entries.General JournalChart of Accounts: Account Title
(Normal Balance)DateDescription(Account
Name)DebitCreditAssetsCash (Debit)Prepaid Insurance
(Debit)Landscaping Supplies (Debit)Landscaping Equipment
(Debit)Accum Depr -Equipment (Credit)LiabilitiesAccounts
Payable (Credit)Income Tax Payable (Credit)Stockholders
EquityCommon Stock (Credit)Retained Earnings
(Credit)Dividends (Debit)RevenueLandscaping Revenue
(Credit)ExpensesRent Expense (Debit)Utility Expense
(Debit)Insurance Expense (Debit)Supplies Expense
(Debit)Depreciation Expense (Debit)Income Tax Expense
(Debit)00Note: Remember that Debits must equal Credits - All
of your Journal Entries should balance.
Berry, Jennifer K:

2. debits = 45,712
Berry, Jennifer K:
debits = 45,712
General LedgerThis Sheet will be used for Requirements 2, 5,
and 9REQUIREMENT #2:Post the July journal entries to the
following T-Accounts and compute ending balances.Cash
(111)Landscaping Revenue (411)Prepaid Insurance (117)Rent
Expense (511)Landscaping Supplies (119)Utility Expense
(512)Landscaping Equipment (144)Insurance Expense
(513)Accum. Depr.-Equipment (145)Supplies Expense
(514)Accounts Payable (212)Depreciation Expense (515)Income
Taxes Payable (213)Income Taxes Expense (516)Common Stock
(311)Retained Earnings (312)Dividends (313)
Berry, Jennifer K:
cash balance = debit 21,356
Trial BalanceREQUIREMENT #3:Prepare a trial balance for
July in the space below.IDEAL Landscaping CorporationTrial
BalanceJuly 3100
Berry, Jennifer K:
debits = 37,324
Berry, Jennifer K:
debits = 37,324
Adjusting EntriesRequirement #4:Prepare adjusting entries
using the following information in the General Journalbelow.
Show your calculations!a) One month's insurance has expired.b)
The remaining inventory of landscaping supplies is $388.c) The
estimated depreciation on landscaping equipment is $140.d) The
estimated income taxes are $80.General
JournalDateDescription(Account Name)DebitCreditRequirement
#5:Post the adjusting entries to the General Ledger T-accounts
and compute adjusted balances.Just add to the balances that are
already listed.
Adjusted Trial BalanceRequirement #6:Prepare an Adjusted
Trial Balance in the space below.IDEAL Landscaping
CorporationAdjusted Trial BalanceJuly 3100
Berry, Jennifer K:

3. debits = 37,544
Berry, Jennifer K:
debits = 37,544
Financial StatementsRequirement #7:Prepare the financial
statements for IDEAL Landscaping Corporation as of July 31 in
the space below.You will only be preparing the Income
Statement, Statement of Retained Earnings and the Balance
Sheet.The Statement of Cash Flows is a required Financial
Statement, but is not required for this Project.IDEAL
Landscaping CorporationIDEAL Landscaping
CorporationIDEAL Landscaping CorporationIncome
StatementStatement of Retained EarningsBalance SheetFor the
Month Ending July 31For the Month Ending July 31July
31Revenues:Retained Earnings, July 1Assets:Landscaping
RevenueAdd: Net IncomeCashSubtotalPrepaid
InsuranceExpenses:Less: DividendsLandscaping SuppliesRent
ExpenseRetained Earnings, July 31Landscaping
EquipmentUtility ExpenseLess: Accum. Depr.Insurance
ExpenseTotal AssetsSupplies ExpenseDepreciation
ExpenseLiabilities:Income Taxes ExpenseAccounts
PayableTotal ExpensesIncome Taxes PayableTotal
LiabilitiesNet IncomeStockholders' Equity:Common
StockRetained EarningsTotal Stockholders' EquityTotal
Liabilities &Stockholders' Equity
Berry, Jennifer K:
NI = 2,144
Berry, Jennifer K:
Retained Earnings = 544
Berry, Jennifer K:
Total liabilities + equity = 32,604
Closing EntriesRequirement #8:Prepare the closing entries at
July 31 in the General Journal below.Hint: use the balances for
each account which appear on the AdjustedTrial Balance for
your closing entries.General JournalDateDescription (Account
Name)DebitCreditRequirement #9:Post the closing entries to the
General Ledger T-accounts and compute ending balances.Just

4. add to the adjusted balances already listed.
Post Closing Trial BalanceRequirement #10:Prepare a post-
closing trial balance as of July 31 in the space below.IDEAL
Landscaping CorporationPost-Closing Trial BalanceJuly 3100
Berry, Jennifer K:
total debits = 32,744
Berry, Jennifer K:
total debits = 32,744