Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Background LaneScapes Incorporated is a newly founded corporation in Oregon that provides premium ecologically conscious landscaping services in Lane County. Instructions Create T accounts

image text in transcribedimage text in transcribedimage text in transcribed

Background LaneScapes Incorporated is a newly founded corporation in Oregon that provides premium ecologically conscious landscaping services in Lane County. Instructions Create T accounts for each of the accounts listed in the chart of accounts. (pg. 3) Post all the transactions (pg. 2) to the T accounts. Create a Trial Balance, Income Statement, Statement of Retained Earnings and Balance Sheet for the company. Formatting Include appropriate three line titles for each financial statement. Organize the financial statements onto 8.5 x 11 sheets in a portrait format. Once you're happy with the formatting of the statements, save the statements in pdf format. (You do not need to upload or include your T accounts) Submission Upload the pdf file with the financial statements to moodle. Good Luck, Chris LaneScapes Incorporated Transactions April 4/1-Shareholders deposit $5,000 into the checking account to establish the corporation. 4/2-Check #101 written to the Oregon Contractors Board for $150 to obtain a license. 4/3 Receive a check for $800 for helping a neighbor trim a large hedge. 4/4 Check #102 written for $1200 for a used utility trailer. 4/6-Receive $500 cash for mowing, edging, trimming and weeding an overrun yard. 4/7-Check #103 written for $850 for a new riding lawn mower. 4/8 - Receive a check for $85 for the removal and hauling away of a shrub 4/9- Receive a check for $200 for the first regular lawn maintenance client. 4/10-Check #104 written for $65 for gasoline and other supplies. 4/11-Check #105 written to Lane Forest for $35 yard debris dump fee. 4/12- Check #106 written for $45 maintenance on an old edge trimmer. 4/13 Receive a check for $1200 for the removal of a dead tree. 4/14-Check #107 written to Accidental Insurance for professional liability coverage, $480 4/15 Received $200 from the second regular monthly client. 4/16-Paid $250 to a welder to have tubes attached to the trailer for hand implements, check #108 4/17 - Contacted the bank and received a debit card and applied for a visa card. 4/18 - Use debit card to purchase fertilizer, $98. 4/19-Received $200 from the third regular monthly client. 4/20 - Received $1200 from a contractor for clearing a field. 4/21-Use the debit card to purchase a chipper, $725 4/22-Check #108 written for an arborist class, $100 4/23-Purchase a used truck with $1000 down (check #109) and borrowed $15,000. 4/24-Sold the old truck for $5,000 and contributed the proceeds to the business. 4/25-Spent two days removing a massive hedge for a client and received $1200 4/26-Debit card used to purchase a new blower, $225. 4/27-Check #109 written to Les Schwab for $435 to replace the trailer tires. 4/28-Check #110 written to GeeksRus for new web domain and website, $175 4/29-Received $200 from the fourth regular monthly customer 4/30-Check #111 written to contract laborer for $800. 4/30 Check #112 written for payment on the truck loan, $394. Adjustments 4/30 Bank statement shows a $7 service charge for the privilege of having a checking account. 4/30-Transfer to Insurance Expense 1/12th of the Prepaid Insurance. okkeeping%20Project.pdf 3/3 67% + Assets Cash Truck I LaneScapes Incorporated Chart of Accounts April Trailer Mower Blower Liabilities Loan Payable Equities Common Stock Retained Earnings Revenue Project Income Maintenance Income Expenses Licenses and Fees Supplies Continuing Education Disposal Fees Maintenance Expenses Marketing Insurance Expense Contract Labor Banking Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

More Books

Students also viewed these Accounting questions

Question

Explain the benefits and use of the INSPIRE Extreme PMLC model? L01

Answered: 1 week ago

Question

What is Accounting?

Answered: 1 week ago

Question

Define organisation chart

Answered: 1 week ago

Question

What are the advantages of planning ?

Answered: 1 week ago