Question

As you work on your project, be sure to save your file often. nstructions:

you wil be recording the July 2023 transactions for Lenny's Lawn Service, inc. After recording he July transactions you wil be preparing a Pre-Closing Thal Balanoe, Income Statement, ttatement of Stockholders Equity, Balance Sheet, and Post-Closing Trial Balance ou are given the following: July 2023 transactions and Additional information - Trans tab Chart of Accounts with Account Numbers and Account Names - Chart Accts tab General Journai pages - Journal tab Generai Ledger - GL. Assets, GL Liab-Equity, GL. Rev-Exp tabs Forms for the July 31, 2023: Pre-Closing Trial Balance (Trial Bal tab). Income Statement and Calculation of Rietained Eanings (IS & RE tab), Balance Sheet (Balsht tab), and Post-Closing Trial Bolance (Post Close TB tab) Complete Your Workbook do the following: frint the July Transactions (click the Trans tab and then click the Printer lecn) Use YOUR Transaction sheets - do not use another student's shee's rint the Chart of Accounts (click the Chart Accts tab and then click the Printer lcon) ecord the July transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal. Look at the July 1 Notes Payable transaction, which has already been entered, for an example of how to make your entries. Do not put the "Xe in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in Lenny's accounting system. make posting from the General Joumal to the General Ledger easier, it is recommended that you print the General Journal w click the Journal tab and then click the Printer icon. Ist the entries from the printed General Journal to the General Ledger accounts. Click the GL Assets, GL. Liab-Equity, and GL. Rev-Exp tabs to find the accounts to be posted. Record your postings directly into the General Ledger. As you post an amount to an accou be sure to enter the General Journal Page # into the Joumal Page # column. Seethe first posting to the Cash account for an example After you post an amount to a General Ledger account, then hand write an " X in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted er the "X"S, which you hand wrote on your General Journal pages, into the General Journal. Click the Journal tab and enter the "X"s in the Posted column

Answer 1

In completing the July 2023 transactions for Lenny's Lawn Service, Inc., it is essential to adhere to the provided instructions. Begin by printing the July transactions, use the designated Transaction sheets, and print the Chart of Accounts for reference. Record the transactions in the General Journal, posting entries to the appropriate General Ledger accounts. After posting, handwrite an "X" in the Posted column of the printed General Journal, and finally, transfer these markings into the electronic General Journal.

Step-by-step explanation:

The process outlined in the instructions ensures a systematic and accurate recording of financial transactions for Lenny's Lawn Service, Inc. Printing the July transactions and Chart of Accounts provides a tangible reference for recording entries and identifying account numbers. The General Journal serves as the primary recording tool, where each transaction is documented with relevant details.

Posting entries from the General Journal to the General Ledger involves updating the specific accounts in the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs. Including the General Journal Page # in the Journal Page # column helps maintain a clear record of the source of each entry. The manual inclusion of an "X" in the Posted column of the printed General Journal serves as a visual cue for posted entries, preventing duplication during subsequent processes.

Transferring the handwritten "X"s into the electronic General Journal ensures consistency and completeness in tracking posted transactions. This comprehensive approach aligns with best accounting practices, providing a clear audit trail and facilitating the generation of financial statements, including the Pre-Closing Trial Balance, Income Statement, Statement of Stockholders' Equity, and Balance Sheet. Following these steps diligently contributes to the accuracy and reliability of the financial reporting process for Lenny's Lawn Service, Inc.