This exercise continues the Graham s Yard Care Inc

exercise begun #565

This exercise continues the Graham’s Yard Care, Inc. exercise begun in Chapter 1. Consider
the July transactions for Graham’s Yard Care that were presented in Chapter 5. Jul 2
Completed lawn service and received cash of $500.5 Purchased 100 plants on account for
inventory, $250, plus freight in of $10. 15 Sold 40 plants on account, $400.17 Consulted with a
client on landscaping design for a fee of $150 on account.20 Purchased 100 plants on account
for inventory, $300.21 Paid on account, $100.25 Sold 100 plants for cash, $700.31 Recorded
the following adjusting entries:Accrued salaries for the month of July equal $225Depreciation on
equipment $30Physical count of plant inventory, 50 plantsRefer to the T-accounts for Graham’s
Yard Care, Inc. from the continuing exercise in Chapter 3.Requirements1. Prepare perpetual
inventory records for July for Graham’s Yard Care, Inc. using the FIFO method.2. Journalize
and post the July transactions using the perpetual inventory record created in Requirement 1.
Omit explanations. Key all items by date. Compute each account balance, and denote the
balance as Bal.3. Journalize and post the adjusting entries. Denote each adjustment amount as
Adj.4. Journalize and post closing entries. After posting all closing entries, prove the equality of
debits and credits in the ledger.View Solution:
This exercise continues the Graham s Yard Care Inc exercise begun

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