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Download RECORDING BUSINESS TRANSACTIONS Jim's Lawn Care, Inc. 1. Jim Hamilton began a lawn care business in May by forming a corporation and depositing $800 in a business bank account. 2. Purchased lawnmowers and other lawn equipment on account, $1,000. 3. Paid cash for supplies, SSO. 4. Performed lawn care services for credit customers and billed them $700. 5. Received $700 cash from the customers billed in #4. 6. Paid S1,000 cash for the lawn equipment purchased in #2. 7. Paid for an advertisement in a local newspaper, SI SO. 8. Performed lawn care services for cash customers and immediately received $420, 9. Paid wages to a part-time assistant, $85. 10. Performed lawn care services for credit customers and billed them $600. 11. Received an invoice from Gas-n-Go for gasoline purchased on account during May, $110. The invoice will not be paid until next month. 12. At the end of May, the business paid Jim a dividend of $100. 3 14 Jim's Lawn Care Assets Liability Accounts Supplies Equipment Accounts Receivable Payable Equity Stockholder Equity Explanation $800.00 SR00.00 Dep cash into business BAI $800,00 0 0 D 0 500.00 $1000.00 $1000.00 Purchased Lawn Equipment on Bccount Bal. 5000.00 $800.00 0 0 51000,00 51000.00 $800.00 3 (330.00) 550.00 purchased supplies for cash $750.00 0 550.00 $1000,00 51000.00 00 OORS $700,00 $700.00 Increase revenge Ball 5750.00 $700.00 $50.00 $1000.00 51000.00 51500.00 5700.00 (5700.00) Cash received from customers Ra 51450.00 0 350.00 $1000,00 (1000.00) 51500.00 6 (51000.00) (5100000) Pasd accounts payable 3450.00 0 $50.00 51000.00 31500.00 ($150.00) ($150.00) Pald and expense 5300.00 0 550.00 $100.00 51000.00 0 51350,00 1 5420,00 54.20.00 Increase revenue 5720.00 0 $50.00 51000.00 0 51770.00 6 (185.00) (325.00 Paidwae expen 5635 0 550.00 31000.00 0 $165.00 OT 0.00 $600.00 $15.00 $400,00 550.00 100.0 11000.00 0 RES 11 000116 1. Real .. 00 $50.00 51000.00 110 1170 11 . SID 100 HOTLIN for 110 1911.09 LE Page Cash Debit Credit $ $ $ Accounts Receivable Debit Credit $ $ $ Lawn Equiprhent Debit Credit Common Stock Debit Credit Supplies Debit Credit Accounts Payable Debit Credit Retained Earnings Debit Credit Repair Revenue Debit Credit Rent Expense Debit Credit Dividends Debit Credit Salaries Expense Debit Credit Utilities Expense Debit Credit 30