Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Date April 1 April Transactions Transaction Description Started a landscaping business by making a $50,000 deposit in a company bank account, in exchange for 5,000

image text in transcribedimage text in transcribed

Date April 1 April Transactions Transaction Description Started a landscaping business by making a $50,000 deposit in a company bank account, in exchange for 5,000 shares of $10 par value common stock. Purchased insurance for the year and paid $3,600 cash. Paid monthly rental of $2,500 cash on a warehouse to store the landscaping equipment. Purchased landscaping equipment from Toro for $15,000, paying a downpayment of $10,000 cash, and $5,000 on account. April 1 April 1 April 3 April 5 i April 10 April 12 April 15 April 20 April 28 Purchased landscaping supplies of $750 on account. Paid $500 cash for advertising in local newspapers. Received $12,500 in cash for landscaping services provided. Paid $2,000 on account for landscaping equipment previously purchased on April 3rd. Provided landscaping services on account for $1,200. Received $10,500 in cash for landscaping services provided. Received $600 cash on account for landscaping services performed on April 15th. Received $4,000 cash for landscaping services provided. Paid a utility bill of $700 cash. Paid dividends of $3,000 cash The inventory of landscaping supplies showed a balance of $300 on hand at the end of the month. April 30 April 30 April 30 April 30 REQUIREMENT #2: Post the April joumal entries to the following T-Accounts and compute ending balances. Date Cash (111) Date Landscape Service Revenue (411) Prepaid Insurance (117) Warehouse Rent Expense (511) Landscaping Supplies (119) Common Stock (311) Landscaping Equipment (144) Dividends (313) Accounts Receivable (115) Advertising Expense (512) Accounts Payable (212) Landscaping Supplies Expense (514) Utility Expense (517)

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

The Fundamental Principles Of Finance

Authors: Robert Irons

1st Edition

1138477524, 9781138477520

More Books

Students also viewed these Accounting questions