My pre-closing trial balance is not matching up based on what I have entered onto the Journal and Ledger. I need the numbers on the pre-closing trial balance to match. Can you please show me what need

My pre-closing trial balance is not matching up based on what I have entered onto the Journal and Ledger. I need the numbers on the pre-closing trial balance to match. Can you please show me what needs to be changed on the journal and ledger so that the then inputed numbers will match?

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First Name:
Amber
Last Name:
Hill
Project is Activated
ID Code:
67046904
Prof. Carla Allen
Before you begin working, save your activated project
by following the directions in the SAVING YOUR PROJECT box
>>
Instructions:
You will be recording the July 2013 transactions for Lenny’s Lawn Service, Inc.
After recording
the July transactions you will be preparing a Pre-Closing Trial Balance, Income Statement,
Statement of Stockholders’ Equity, Balance Sheet, and Post-Closing Trial Balance.
As you work on your project, be sure to save your file often.
You are given the following:
Statement of Stockholders’ Equity, Balance Sheet, and Post-Closing Trial Balance
To Complete Your Project do the following:
your entries directly into the General Journal.
Look at the July 1 Notes Payable
Steps 1 and 2
transaction, which has already been entered, for an example of how to make your entries.
in the Accounting Cycle
as a reference source for the Account Numbers and Account Names that are available
Step 1
in Lenny’s accounting system.
For each business transaction
that occurs during the accounting
period, determine the effect of the
transaction on the General Ledger
accounts.
Step 2
Record your postings directly into the General Ledger.
As you post an amount to an account
Make an entry in the General
Journal for each transaction and
the first posting to the Cash account for an example.
After you post an amount to a
post the entry to the General
Ledger accounts.
General Journal.
This will help you keep track of which entries you have posted.
Pg. 2
Step 3 in the Accounting Cycle
At the end of the accounting
adjusting entries in the General Journal.
Use the printed Chart of Accounts as a
period, before preparing the
financial statements, determine
if any of the General Ledger
account balances need to be
adjusted.
Enter any required
adjusting entries into the General
posted.
As you post an amount to an account be sure to enter the General Journal Page #
Journal and post the adjusting
entries to the General Ledger
accounts.
Step 4 in the Accounting Cycle
Prepare a Pre-Closing Trial
Balance to determine that the
accounts in the General Ledger
Pre-Closing Trial Balance.
Print the July 31, 2013 Pre-Closing Trial Balance by clicking
are in balance.
the Printer icon.
Step 5 in the Accounting Cycle
Prepare an Income Statement
from the ending balances in the
Statement.
General Ledger revenue and
expense accounts.
Step 6 in the Accounting Cycle
Calculate the ending balance
of the Retained Earnings
amounts into the Statement of Stockholders’ Equity.
account that is needed for the
preparation of the Balance
Sheet
Step 7 in the Accounting Cycle
Prepare the Balance Sheet
from the ending balances in the
from the Statement of Stockholders’ Equity, prepare the July 31, 2013 Balance Sheet.
General Ledger asset accounts,
liability accounts, Common
Stock account, and the
calculated ending balance for
the Retained Earnings account.
Step 8 in the Accounting Cycle
Prepare and enter the revenue,
expense, and dividend closing
entries into the General
Journal, and post the closing
As you post an amount to an account be sure to enter the General Journal Page # into
entries to the General Ledger
accounts.
Step 9 in the Accounting Cycle
Prepare a Post-Closing Trial
Balance to determine that the
accounts in the General Ledger
are in balance and ready to
start a new Accounting Cycle.
Your project is complete!
Your instructor will provide you with directions on how to submit your project.
A
ccounting
C
ycle
P
roject – Solid Footing 7e
(for Mac NeoOffice)
_
July 2013 transactions and Additional Information —
Trans tab
_
Chart of Accounts with Account Numbers and Account Names

Chart Accts tab
_
General Journal pages

Journal tab
_
Lenny’s General Ledger

GL Assets,
GL Liab-Equity,
GL Rev-Exp-Div
tabs
_
Forms for the July 31, 2013 Pre-Closing Trial Balance, Income Statement,
Trial Bal,
IS & SEquity,
BalSht,
and
Post Close TB
tabs
_
Print the July Transactions (click the
Trans tab
and then click the Printer Icon).
_
Print the Chart of Accounts (click the
Chart Accts tab
and then click the Printer Icon).
_
Record the July transactions in the General Journal.
Click the
Journal tab
and record
Do
not
put the ”
X
” in the Posted column at this time.
Use the printed Chart of Accounts
_
To make posting from the General Journal to the General Ledger easier, it is recommended that
you print the General Journal — click the
Journal tab
and then click the Printer Icon.
_
Post the entries from the printed General Journal to the General Ledger accounts.
Click the
GL Assets, GL Liab-Equity,
and
GL Rev-Exp-Div tabs
to find the accounts to be posted.
be sure to enter the General Journal Page # into the
Journal Page #
column.
See
General Ledger account, then hand write an ”
X
” in the Posted column of the printed
_
Enter the ”
X
“s, which you hand wrote on your General Journal pages, into the
General Journal.
Click the
Journal tab
and enter the ”
X
“s in the Posted column.
_
Determine the required adjusting entries as of July 31, 2013.
The information needed for
the adjusting entires is on the page titled “Additional Information”.
This is the second page
that printed when you printed the
Trans tab
.
Click the
Journal tab
and record your
reference source for the Account Numbers and Account Names that are available in
Lenny’s accounting system.
Put your adjusting entries on Page # 4 of the General Journal.
_
Post the adjusting entries from the General Journal to the General Ledger accounts.
Click the
GL Assets, GL Liab-Equity,
and
GL Rev-Exp-Div tabs
to find the accounts to be
into the
Journal Page #
column.
After you post an amount to a General Ledger account,
click back on the
Journal tab
and enter an ”
X
” in the Posted column of the General Journal.
_
Print Lenny’s General Ledger by: clicking the
GL Assets tab
and then clicking the Printer icon,
clicking the
GL Liab-Equity tab
and then clicking the Printer icon, and clicking the
GL Rev-Exp-Div tab
and then clicking the Printer icon.
_
Using the printed General Ledger, enter the ending account balances into the July 31, 2013
Pre-Closing Trial Balance.
Click the
Trial Bal tab
and enter the amounts into the
_
Using the printed July 31, 2013 Pre-Closing Trial Balance, prepare the July 2013
Income Statement.
Click the
IS & SEquity tab
and enter the amounts into the Income
_
Using the printed General Ledger and the Net Income amount, prepare the July 2013
Statement of Stockholders’ Equity.
Click the
IS & SEquity tab
and enter the
_
Using the printed July 31, 2013 Pre-Closing Trial Balance and the Retained Earnings amount
Click the
BalSht tab
and enter the amounts into the Balance Sheet.
_
Prepare the closing entries.
Click the
Journal tab
and enter the closing entries into the
General Journal.
Place your closing entries on Page # 5 of the General Journal.
_
Post the closing entries from the General Journal to the General Ledger accounts.
Click the
GL Liab-Equity
, and
GL Rev-Exp-Div tabs
to find the accounts to be posted.
the
Journal Page #
column.
After you post an amount to a General Ledger account,
click back on the
Journal tab
and enter an ”
X
” in the Posted column of the General Journal.
_
Click the
Post Close TB tab
and prepare the July 31, 2013 Post-Closing Trial Balance.
SAVING YOUR PROJEC
Save your project in a file that u
name should be in the form:
La
For example,
Mary Smith would
To save your file:
– Click
File
– Click
Save As
– In
Save As
: enter
LastNam
File type
should be ODF
The
Save with password
– Click
Save
Save a Copy of Yo
Excel file — Just Be
Just before you submit your co
– Click
File
– Click
Save As

Click the
drop down arrow
– Click
Microsoft Excel 2007
– Click
Save
– Click
Keep Current Forma
(there will be a delay, as NeoO
Submit this .xlsx file to yo

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Lenny’s Lawn Service, Inc.

Transactions

Additional Information
July 2013 Transactions
Date
Description of the Transaction
July 1
Borrow $35,000.00 from 1st Bank by signing a 24 month note with a 4% annual interest rate.
(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 $58,000.00 cash from new investors, and issue $58,000.00 of Common Stock to them.
July 1
Purchase $96,000.00 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 $900.00 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 $11,000.00
The Date of Record is set as July 15.
The Date of Payment is set as July 31.
July 7
Pay the employees $6,000.00 for work performed during the 1st week of July.
July 10
Complete a mowing job for a new customer — customer pays $500.00 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 $4,800.00 for work performed during the 2nd week of July.
July 15
Purchase $50.00 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 $900.00 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 2012 broke down and is repaired by the mower
dealer.
The cost of the Mower Repair job is $910.00.
Lenny’s will pay the mower dealer in 30 days.
July 19
Purchase for cash $17,000.00 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 $5,750.00 for work performed during the 3rd week of July.
July 23
Receive a $42,000.00 advance payment from the university.
The advance payment is for 6 months
of work which will be performed from August 1, 2013 to January 31, 2014.
July 25
Complete a special mowing job for the golf course.
The total price for the mowing job is $7,000.00.
The golf course pays $1,000.00 cash on this date and will pay the remainder on August 25.
July 27
Complete a mowing job for a new customer — customer pays $225.00 cash for the job.
July 27
Pay $50.00 cash to the mower dealer for the supplies purchased on account on July 15.
July 28
Pay the employees $6,300.00 for work performed during the 4th week of July.
July 31
Invoice the property management company $33,000.00 for July mowing work.
The property
management company will pay the invoice on the 20th of next month.
July 31
Pay the cash dividend which was declared on July 5.
Additional Information
Equipment:
The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment
which was purchased on January 2, 2012.
For information related to this mowing equipment
see Page 70 in the Solid Footing book.
This equipment continues to be used and should be
depreciated for the month of July.
The following information relates to the new equipment which was purchased on July 1, 2013:
The new equipment was placed into service on July 1, 2013 and should be depreciated
for the month of July.
The estimated useful life of the new equipment is 5 years.
At the end of 5 years, the new equipment will have no future value and will be scrapped.
The new equipment will be depreciated using the straight-line method.
Supplies:
At the end of July there are $14,350.00 supplies on-hand.
Mowing Service
at the University:
The monthly mowing service was provided to the university per the contract signed on April 1, 2013.
For information on the contract with the university and the related advance payment, see
Pages 95 and 98 in the Solid Footing book.
Wages Due
the Employees:
The last wage payment was made to the employees on July 28, 2013.
The employees worked on
July 29, 30, and 31.
For these three days of work the employees earned $5,100.00 of wages.
These three days of wages will be paid to the workers during the first week of August.
Bank Loan:
The interest on the loan from 1st Bank will be paid every three months.
The first interest payment
to the bank will be made on September 30, 2013.
Lenny’s calls the bank on July 31 and the
bank indicates that the interest on the loan for July is $155.00
ΓΌ

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