ACCT500: Course Project
Requirement
3
ACCT500: Course Project
Requirement Description
Prepare the Journal Entries in the General Journal
Post Journal Entries to the General Ledger
Prepare a Trial Balance
Worksheet Name
1 - Journal Entries
2 - General Ledger
3 - Trial Balance
During its first month of operation, the Leonard Landscaping Company,
which, specializes in landscaping services, completed the following
transactions.
April Transactions
Date Transaction Description
April 1 Started a landscaping business by making a $50,000 deposit
in a company bank account, in exchange for 5,000 shares of
$10 par value common stock.
April 1 Purchased insurance for the year and paid $3,600 cash.
April 1 Paid monthly rental of $2,500 cash on a warehouse to store
the landscaping equipment.
April 3 Purchased landscaping equipment from Toro for $15,000,
paying a downpayment of $10,000 cash, and $5,000 on
account.
April 5 Purchased landscaping supplies of $750 on account.
i Paid $500 cash for advertising in local newspapers.
April 10 Received $12,500 in cash for landscaping services provided.
April 12 Paid $2,000 on account for landscaping equipment previously
purchased on April 3rd.
April 15 Provided landscaping services on account for $1,200.
April 20 Received $10,500 in cash for landscaping services provided.
April 28 Received $600 cash on account for landscaping services
performed on April 15th.
April 30 Received $4,000 cash for landscaping services provided.
April 30 Paid a utility bill of $700 cash.
April 30 Paid dividends of $3,000 cash
April 30 The inventory of landscaping supplies showed a balance of
$300 on hand at the end of the month.
Use the following account descriptions for journal entries.
Chart of Accounts
Account
Account Type Number Account Title Normal Balance
Assets
111 Cash Debit
115 Accounts Receivable Debit
117 Prepaid Insurance Debit
119 Landscaping Supplies Debit
144 Landscaping Equipment Debit
Liabilities
212 Accounts Payable Credit
Stockholders Equity
311 Common Stock Credit
313 Dividends Debit
Revenue
411 Landscape Services Revenue Credit
Expenses
511 Warehouse Rent Expense Debit
512 Advertising Expense Debit
514 Landscaping Supplies Expense Debit
517 Utility Expense Debit
Journal Entries
REQUIREMENT #1: Prepare journal entries to record the the April transactions in the General Journal be
equal Credits—All of your Journal Entries should balance.
General Journal
Account Number from Chart of
Date Accounts tab
April 1 Cash
Common Stock
April 1 Prepaid Insurance
Cash
April 1 Rent Expense
Cash
April 3 Landscaping Equipment
Cash
Accounts Payable
April 5 Landscaping Supplies
Accounts Payable
April 5 Advertising Expense
Cash
April 10 Cash
Service Revenue
April 12 Accounts Payable
Cash
April 15 Accounts Receivable
Service Revenue
April 20 Cash
Service Revenue
April 28 Cash
Accounts Receivable
April 30 Cash
Service Revenue
April 30 Utilities Expense
Cash
April 30 Dividends
Cash
April 30 Landscaping Supplies Expense (750-300)
Landscaping Supplies
Journal Entries
Journal Entries
o record the the April transactions in the General Journal below. Remember that Debits must
ld balance.
Account Title from Chart of Accounts tab Debit Credit
To record cash invested in exchange of common stock $50,000
$50,000
To record Insurance premium paid for one year $3,600
$3,600
To record Rent for april month paid $2,500
$2,500
To record Landscaping Equipment purchased and part payment paid $15,000
$10,000
$5,000
To record Landscaping Supplies purchased an account $750
$750
To record Advertising expenses paid $500
$500
To record Cash received for provided service $12,500
$12,500
To record repayment of due $2,000
$2,000
To record service provided on account $1,200
$1,200
To record Services provided for cash $10,500
$10,200
To record collection of dues $600
$600
To record Cash received for service provided $4,000
$4,000
To record Utilities Expense paid $700
$700
To record Payment of Dividends $3,000
$3,000
To record adjusting entry for consumption of landscaping supplies $450
$450
Journal Entries
Journal Entries
REQUIREMENT #2: Post the April journal entries to the following T-Accounts and compute
Date Cash (111) Date
April 1 $50,000 $3,600 April 1 Balance
10 $12,500 $2,500 1
20 $10,500 $10,000 3
28 $600 $500 5
30 $4,000 $2,000 12
$700 30 Total
$3,000 30
$55,300 Balance
Total $77,600 $77,600 Total
Ending Bal. $55,300
Prepaid Insurance (117)
April 1 $3,600 $3,600 Balance April 1
Total $3,600 $3,600 Total Total
Ending Bal $3,600 Ending Bal.
Landscaping Supplies (119)
April 5 $750 $450 30 Balance
$300 Balance Total
Total $750 $750 Total
Landscaping Equipment (144)
April 3 $15,000 $15,000 Balance April 30
Total $15,000 $15,000 Total Total
Ending Bal. $15,000 Ending Bal.
Accounts Receivable (115)
April 15 $1,200 $600 28 April 5
$600 Balance Total
Total $1,200 $1,200 Total Ending Bal.
Ending Bal $600
Accounts Payable (212)
12 $2,000 $5,000 April 3 April 30
Balance $3,750 $750 5 Total
Total $15,000 $5,750 Total Ending Bal.
$3,750 Ending Bal.
April 30
Total
Ending Bal.
ng T-Accounts and compute ending balances.
Landscape Service Revenue (411)
$28,200 $12,500 April 10
$1,200 15
$10,500 20
$4,000 30
$28,200 Total
$28,200 $28,200 Ending Bal.
Warehouse Rent Expense (511)
$2,500 $2,500 Balance
$2,500 $2,500 Total
$2,500
Common Stock (311)
$50,000 $50,000 April 1
$50,000 $50,000 Total
$50,000 Ending Bal.
Dividends (313)
$3,000 $3,000 Balance
$3,000 $3,000 Total
$3,000
Advertising Expense (512)
$500 $500 Balance
$500 $500 Total
$500
Landscaping Supplies Expense (514
$450 $450 Balance
$450 $450 Total
$450 $450
Utility Expense (517)
$700 $700 Balance
$700 $700 Total
$700
Journal Entries
REQUIREMENT #3: Prepare a trial balance for March in the space below.
Leondard's Landscaping Company
Trial Balance
April 30
Account Balance
Title Debit Credit
Cash $55,300
Accounts Receivable $600
Prepaid Insurance $3,600
Landscaping Supplies $300
Landscaping Equipment $15,000
Account Payable $3,750
Common Stock $50,000
Dividends $3,000
Landscape Services Revenue $28,200
Warehouse Rent Expense $2,500
Advertising Expense $500
Landscaping Supplies Expense $450
Utilities Expense $700
Totals $81,950 $81,950
NAME
Course Project Grading Rubric
Excellent Good
Step 1 — Journal entries use Journal entries mostly use
Journal Entries accurate accounts and accurate accounts and
amounts; and debits and amounts; and debits and
credits are used correctly. credits are used correctly.
Step 1 Grading Scale 45-40 39-35
Step 2 Ledger Posting is done in the Posting is done mostly in
Posting and Balancing correct accounts and at the correct accounts and
the correct side (Dr./Cr.) mostly at the correct
and balances are correct. side(Dr./Cr.) and balances
are mostly correct.
Step 2 Grading Scale 45-40 39-35
Step 3 - Unadjusted Accounts are listed Most accounts are listed
Trial Balance correctly and in the correctly leading to a
proper order leading to mostly correct trial
an accurate trial balance. balance.
Step 3 Grading Scale 30-27 26-24
Fair Poor Unacceptable
Journal entries have some Journal entries have some The submission does
errors in use of accounts errors in use of accounts not meet this
and amounts; and debits and amounts; and debits requirement.
and credits are only and credits are not used
somewhat used correctly. correctly.
34-30 29-25 24-0
Posting has errors with Listing of accounts is The submission does
incorrect accounts and mostly incorrect with most not meet this
incorrect debits/credits incorrect accounts and requirement, or
and incorrect balances. incorrect Dr./Cr. Most ledger posting is not done at
balances are incorrect. all.
34-30 29-25 24-0
Listing of accounts has Listing of accounts is done The submission does
several errors leading to poorly or not at all, leading not meet this
incorrect trial balance. to inaccurate or no trial requirement.
balance.
23-21 20-18 17-0
Points Your Points
Available
45
45
30
120
