ACC 201 Great Basin College Rileys Lawn Service Financial Statement Excel Worksheet

Here is the problem:

Riley’s Lawn Service engaged in the following activities in July, 2020:

July 1The company was organized and received $400,000 cash from the owners of the firm in exchange for capital stock issued.   July 3

The company bought equipment for cash in the amount of $160,000.

July 7

The company bought additional mowing equipment that cost $17,220, and agreed to pay for it in 45 days. 

July 14The company received cash of $12,499 for services performed. July 17The company performed services for a customer, the customer agreeing to pay within 30 days. The agreed-upon amount was $3,025.July 30The company received $2,000 as partial payment from the customer would was billed on July 17.July 31Miscellaneous operating expenses of $6,447 were paid during the month. July 31An order for more equipment costing $22,000 was placed. The equipment has not yet been received, nor has any money changed hands. 

Required: 

A. Prepare a summary of transactions in the form provided. Determine balances in each account by totaling each column only at the end of the month in order to show that the basic accounting equation is in balance.  [Note: Please do not show the totals in each column after every individual transaction.  Please show the totals only at the bottom of the schedule.]

B.  Prepare a balance sheet as of July 31, 2020.