Question
. As an accountant at the landscaping company, you have just begun balancing the accounts for the quarter. You are faced with five transactions on
. As an accountant at the landscaping company, you have just begun balancing the accounts for the quarter. You are faced with five transactions on the date of May 13: an initial investment of $30,000 by the owner of the company; payments for two landscaping jobs of $9,000 and $4,000; a rent payment of $3,000; and a payment to Accounts Payable for $1,500.
Remember that you should use spreadsheet and/or accounting software to maintain accounting records and perform the steps of the accounting cycle. For these questions, try using spreadsheet software to create the data, manipulate formulas, and format your data. One helpful formula is =SUM(X:X), used to display a sum for a range of cells in a spreadsheet. You enter the first cell in the range (e.g. B2) and then the last cell in the range (e.g. B7) where the Xs are. Either copy and paste your spreadsheet data into this document or include the spreadsheet document itself when completing the assignment.
a. Begin by analyzing these five transactions using the accounting equation. (5 points)
b. Now, perform the second step of the accounting cycle by journalizing these transactions. (5 points)
c. Post these journalized entries to the account ledger. (5 points)
d. Now, make unadjusted trial balance for these accounts. (5 points)
e. Finally, make a ten-column worksheet for these transactions. (5 points)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started