Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each of the above transaction, record the transaction in journal entry form. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101);

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
For each of the above transaction, record the transaction in journal entry form. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). Journal entry worksheet On May 21, Elegant Lawns purchases office supplies on credit for $340. Note: Enter debits before credits. For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $73,000 in cash along with equipment having a $33,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office suppies on credit for $340. c. On May 25 , Elegant Lawns receives $8,100 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,300 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) For each of the above transaction, record the transaction in journal entry form. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). Journal entry worksheet On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $73,000 in cash along with equipment having a $33,000 value in exchange for common stock. Note: Enter debits before credits

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

Advanced Financial Accounting

Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey

7th Edition

0073526746, 978-0073526744

More Books

Students also viewed these Accounting questions

Question

What is involved in the administration of a labor agreement?

Answered: 1 week ago

Question

What are topics included in virtually all labor agreements?

Answered: 1 week ago