Acct 504 Week 3 Case Study 1 Flower Landscaping Corporation

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ACCT 504 WEEK 3 CASE STUDY 1 FLOWER LANDSCAPING CORPORATION

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ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation,
JOURNAL Entries
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. Use the following account names for journal entries.
General Journal Chart of Accounts: Account Title (Normal Balance)
Date Description(Account Name) Debit Credit
1-Jul Assets
Cash 24,000 Cash (Debit)
Common Stock 24,000 Prepaid Insurance (Debit)
Landscaping Supplies (Debit)
1-Jul Prepaid Insurance 2,400 Landscaping Equipment (Debit)
Cash 2,400 Accum Depr -Equipment (Credit)
1-Jul Rent Expense 2,080 Liabilities
Cash 2,080 Accounts Payable (Credit)
Income Tax Payable (Credit)
3-Jul Landscaping Equipment 8,800
Cash 1,200 Stockholders Equity
Accounts Payable 7,600 Common Stock (Credit)
Retained Earnings (Credit)
8-Jul Landscaping Supplies 780 Dividends (Debit)
Accounts Payable 780
Revenue
12-Jul Utility Expense 308 Landscaping Revenue (Credit)
Cash 308
Expenses
16-Jul Cash 2,724 Rent Expense (Debit)
Landscaping Revenue 2,724 Utility Expense (Debit)
Insurance Expense (Debit)
19-Jul Accounts Payable 400 Supplies Expense (Debit)
Cash 400 Depreciation Expense (Debit)
Income Tax Expense (Debit)
31-Jul Cash 2,620
Landscaping Revenue 2,620
31-Jul Dividends 1,600
Cash 1,600
45712 45712
Note: Remember that Debits must equal Credits – All of your Journal Entries should balance.
July 19 Made payment on account to Lakeside Company, $400.
July 31…...

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