Follow the steps below to complete the Final of the Lawn Ranger practice set.For this part of the assignment enter the transactions for the Adjusting entries and post the journal entries to the general ledger. Turn in the journal entries, the general ledger and the financial statements (balance sheet, income statement, and statement of owners equity). No.DateTransactionKyle completed a $550 job for Mrs. Mercado. She had hired him to mow her lawn andcreate a perennial flower bed in the front of her house. Mrs. Mercado paid him $250 andagreed to pay the rest later.177/14Kyle's girlfriend insisted that he take a break. He withdrew $120 from his checkingaccount to go out for a nice evening with his girlfriend, Melissa. They went in Melissa'scar, as an evening out in a landscaping truck wasnt exacily what they were looking for.187/15Kyle charged SI10 on his VISA card for an oil change and some other minor maintenanceon his truck.197/16207/17Kyle paid Young's Home & Garden Center S175 on his account.217/17Kyle transferred S300 from his checking account to his savings account.227/18Kyle wrote a check for $40 for fuel for the truck and mower.237/19Kyle had no cash on him, so he wrote a business check for S12 to pay for his lunch.Kyle completed a job in which he mowed Mrs. O'Brien's lawn and created two newflower beds. She paid him $425 in cash.247/19Kyle paid $55 to rent a piece of equipment to assist in trimming Mr. Lovette's trees(transaction 26).257/20267/20Mr. Lovette paid Kyle $150 to mow his lawn and trim his trees.Kyle received $400 from Mr. Abrams, with a note that he would pay the balance nextweek.277/2128Kyle paid $80 to rent some equipment needed for the Roker job (see transaction 29).7/22Kyle completed a $700 job landscaping Mr. Roker's pool area. He was paid S200 in cash,and Mr. Roker agreed to pay the balance in August.297/23A check for $150 was received from Mrs. Mercado as partial payment on the work Kylecompleted on July 14.307/247/24Kyle charged (on his VISA) another $65 for landscaping supplies.31327/25Mrs. Feldman paid Kyle $140 to mow, weed, and put new mulch in her garden beds.337/26Kyle wrote a check for $85 for more fuel for his truck and mower.7/27Kyle purchased an additional $45 of office supplies.34357/30Kyle paid another $75 on his account at Young's Home & Garden Center.Now that Kyle has completed his first month in business he wants to prepare financialstatements. He has gathered the information needed to make adjustments for the monthended July 31.7/312016 Cengage Leaning". May aot be scanned, copied or duplicated, or posed to a publicly accesshle website, in whele or in pa NARRATIVE OF TRANSACTIONS(Note: Unless stated otherwise, assume that all cashin and out is checking account related)DateTransactionNo.Kyle opened two accounts at Pioneer State Bank, using 53,000 of his own money, H.deposited $2,500 in a checking account and $500 into savings.7/1Kyle borrowed $6,000 from his Aunt Martha and signed a note with 8% interest, Und.the terms of the note, he must make payments of $250 plus accrued interest on the firday of each month. Kyle put $4,500 into his checking account and S1,500 into savings7/27/3Kyle purchased a 2006 Nissan pickup truck by writing a check for $4,820.3.Kyle purchased insurance for the pickup truck at a cost of $150 per month. He pajd fothe month of July.47/3Kyle established a cell phone account for the business. The phone was free, and he paid$75 for the first month's service.7/3Kyle returned to the bank and applied for a VISA" card. He received a card with a $1,000credit limit.7/5Kyle purchased a lawn mower and garden tools on account from Young's Home &Garden Center. The total cost was $1,080. (Debit Lawn Equipment.)7/5Kyle purchased $185 worth of gloves, stakes, trimmer lines, and other supplies at thelocal hardware store using his VISA card.8.7/69.Kyle paid $80 cash for gas and oil for his pickup truck and the mower.7/6A box of 500 additional checks arrived from the bank along with a memo that the $25cost was charged to Kyle's checking account. He considered this an immaterial amountand charged it all to Office Supplies Expense.7/7Kyle 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.Kyle used his VISA for all of these purchases.117/712One of Kyle's neighbors, Mr. Lee, is leaving town for six weeks. He paid Kyle $360 tomow his lawn each week and keep his hedges trimmed while he is away.7/8137/9Kyle paid $75 cash to rent some equipment needed for the Abrams job (see transaction15).147/10 Kyle purchased another S60 of gas using his VISA card.7/11 Kyle completed a landscaping and clean-up job for Mr. Abrams. He left Mr. Abrams a billfor $720.15167/13 Kyle charged another $140 in landscaping supplies at Young's Home & Garden Center.6.eI6 Cmae Leaming". May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part10%D

Date Accounts Tittle and Explanation Debit Credit Calculation A5 to A7 Office supplies consumed…

Answered: 550 job for Mrs. Mercado. She had hired…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q