Acct 504 Week 5 Case Study 2 Internal Control – Ljb Company

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 Received cash for landscaping revenue for the last half of July, $2,620.

July 31 Declared and paid...