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Acct 2400 Project 2- Merchandise Inventory & Sale z) Aug. 24, 2018 - Provided $32,000 of lawn care services during the year. The services were billed to the customers. aa) Sep. 30, 2018 - Recognized $800 of service revenue earned during the first nine months of the year; it had been collected in the prior year. bb) Oct. 1, 2018 - Completed additional lawn care services worth $400 for one year's service. The customers paid cash for the full amount. cc) Nov. 13, 2018 - Collected $51,000 of accounts receivable. dd) Nov. 20, 2018 - Paid an additional $5,500 to settle some accounts payable; the payment was made after the discount period expired. ee) Dec. 27, 2018 - Paid $2,800 of advertising expense during the year. ff) Dec. 28, 2018 - Paid $4,180 of utilities expense for the year. gg) Dec. 28, 2018 - Paid $12,470 of other operating expense for the year. hh) Dec. 29, 2018 - Paid a dividend of $12,000 to the shareholders. ii) Dec. 31, 2018 - There was $200 of supplies on hand at the end of the year. j) Dec 31, 2018 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (r)) for the year. kk) Dec 31, 2018 - Recognized the revenue earned from event (z). II) Dec 31, 2018 - Accrued salaries at December 31 were $1,200. z) Aug. 24, 2018 - Provided $32,000 of lawn care services during the year. The services were billed to the customers. Page 7 of 13 Acct 2400 Project 2- Merchandise Inventory & Sale aa) Sep 30, 2018 - Recognized $800 of service revenue earned during the first nine months of the year; it had been collected in the prior year. aa) bb) Oct. 1, 2018 - Completed additional lawn care services worth $400 for one year's service. The customers paid cash for the full amount. bb) cc) Nov. 13, 2018 - Collected $51,000 of accounts receivable. cc) dd) Nov. 20, 2018 - Paid an additional $5,500 to settle some accounts payable; the payment was made after the discount period expired. dd) ee) Dec, 27, 2018 - Paid $2,800 of advertising expense during the year. ee) ff) Dec. 28, 2018 - Paid $4,180 of utilities expense for the year. 88) Dec. 28, 2018 - Paid $12,470 of other operating expense for the year. 68) hh) Dec. 29, 2018 - Paid a dividend of $12,000 to the shareholders. hh) 1) Dec 31, 2018 - There was $200 of supplies on hand at the end of the year. Page 8 of 13 Acct 2400 Project 2- Merchandise Inventory & Sale II) Dec 31, 2018 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (c)) for the year. kk) Dec 31, 2018 - Recognized the revenue earned from event (2). kk) II) Dec 31, 2018 - Accrued salaries at December 31 were $1,200. Lawn Pro, Inc. Income Statement For the Year Ended December 31, 2018 Service revenue Product sales, net Cost of goods Gross Margin Supplies expense Salaries expense Rent expense Utilities expense Advertising expense Other operating expenses Net Income Lawn Pro, Inc. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock Plus: Common stock issued Ending Common Stock Beginning retained earnings Plus: Net Income Less: Dividends Ending Retained Earnings TOTAL STOCKHOLDERS' EQUITY Lawn Pro, Inc. Balance Sheet As of December 31, 2018 Cash Accounts receivable Supplies Prepaid rent Inventory Land TOTAL ASSETS Accounts payable Salaries payable Unearned revenue Subtotal Liabilities Retained earnings Common stock Subtotal Equity TOTAL LIABILITIES AND EQUITY Lawn Pro, Inc. Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities Cash receipts from customers Cash payments for expenses Net cash flow from operating activities Net cash flow from investing activities Cash flows from financing activities Cash receipts from stock issued Cash payments for dividends Net cash flow from financing activities Net increase in cash Plus: beginning cash balance Ending cash balance 7. A worksheet to prepare the 2018 closing journal entries. a) Close revenue-related accounts. | rev b) Close expense accounts. | exp c) Close dividend account. I div Acct 2400 Project 2- Merchandise Inventory & Sale z) Aug. 24, 2018 - Provided $32,000 of lawn care services during the year. The services were billed to the customers. aa) Sep. 30, 2018 - Recognized $800 of service revenue earned during the first nine months of the year; it had been collected in the prior year. bb) Oct. 1, 2018 - Completed additional lawn care services worth $400 for one year's service. The customers paid cash for the full amount. cc) Nov. 13, 2018 - Collected $51,000 of accounts receivable. dd) Nov. 20, 2018 - Paid an additional $5,500 to settle some accounts payable; the payment was made after the discount period expired. ee) Dec. 27, 2018 - Paid $2,800 of advertising expense during the year. ff) Dec. 28, 2018 - Paid $4,180 of utilities expense for the year. gg) Dec. 28, 2018 - Paid $12,470 of other operating expense for the year. hh) Dec. 29, 2018 - Paid a dividend of $12,000 to the shareholders. ii) Dec. 31, 2018 - There was $200 of supplies on hand at the end of the year. j) Dec 31, 2018 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (r)) for the year. kk) Dec 31, 2018 - Recognized the revenue earned from event (z). II) Dec 31, 2018 - Accrued salaries at December 31 were $1,200. z) Aug. 24, 2018 - Provided $32,000 of lawn care services during the year. The services were billed to the customers. Page 7 of 13 Acct 2400 Project 2- Merchandise Inventory & Sale aa) Sep 30, 2018 - Recognized $800 of service revenue earned during the first nine months of the year; it had been collected in the prior year. aa) bb) Oct. 1, 2018 - Completed additional lawn care services worth $400 for one year's service. The customers paid cash for the full amount. bb) cc) Nov. 13, 2018 - Collected $51,000 of accounts receivable. cc) dd) Nov. 20, 2018 - Paid an additional $5,500 to settle some accounts payable; the payment was made after the discount period expired. dd) ee) Dec, 27, 2018 - Paid $2,800 of advertising expense during the year. ee) ff) Dec. 28, 2018 - Paid $4,180 of utilities expense for the year. 88) Dec. 28, 2018 - Paid $12,470 of other operating expense for the year. 68) hh) Dec. 29, 2018 - Paid a dividend of $12,000 to the shareholders. hh) 1) Dec 31, 2018 - There was $200 of supplies on hand at the end of the year. Page 8 of 13 Acct 2400 Project 2- Merchandise Inventory & Sale II) Dec 31, 2018 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (c)) for the year. kk) Dec 31, 2018 - Recognized the revenue earned from event (2). kk) II) Dec 31, 2018 - Accrued salaries at December 31 were $1,200. Lawn Pro, Inc. Income Statement For the Year Ended December 31, 2018 Service revenue Product sales, net Cost of goods Gross Margin Supplies expense Salaries expense Rent expense Utilities expense Advertising expense Other operating expenses Net Income Lawn Pro, Inc. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock Plus: Common stock issued Ending Common Stock Beginning retained earnings Plus: Net Income Less: Dividends Ending Retained Earnings TOTAL STOCKHOLDERS' EQUITY Lawn Pro, Inc. Balance Sheet As of December 31, 2018 Cash Accounts receivable Supplies Prepaid rent Inventory Land TOTAL ASSETS Accounts payable Salaries payable Unearned revenue Subtotal Liabilities Retained earnings Common stock Subtotal Equity TOTAL LIABILITIES AND EQUITY Lawn Pro, Inc. Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities Cash receipts from customers Cash payments for expenses Net cash flow from operating activities Net cash flow from investing activities Cash flows from financing activities Cash receipts from stock issued Cash payments for dividends Net cash flow from financing activities Net increase in cash Plus: beginning cash balance Ending cash balance 7. A worksheet to prepare the 2018 closing journal entries. a) Close revenue-related accounts. | rev b) Close expense accounts. | exp c) Close dividend account. I div