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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
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 $90,000 in cash along with equipment having a $50,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $680. c. On May 25, Elegant Lawns receives $9,800 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $3,000 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. Analyze General Journal T accounts Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date selection. For account entries you must use a left side date selection.) Cash 101 Office Supplies 124 Date Amount Date Amount Date Amount Date Amount May 15 90,000 May 211 680 May 25 9,800 May 30 3,000 Analyze General Journal T accounts Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date account entries you must use a left side date selection.) Cash 101 Office Supplies 124 Date Amount Date Amount Date Amount Date Amount May 15 90,000 May 21 680 May 25 9,800 May 30 3,000 End. bal. 102,800 End. bal. 680 Equipment 167 Accounts Payable 201 Date Amount Date Amount Date Amount Date Amount May 15 50,000 May 21 680 End. bal. Date End. bal. 50,000 Unearned Landscaping Revenue 236 Amount Date May 30 Landscaping Revenue 403 Date Amount End. bal. Date May 25 End. bal. 680 Common Stock 307 Amount Date Amount Date Amount 3,000 May 15 140,000 3,000 End. bal. Amount 9,800 9,800 140,000
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