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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
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 $79,000 in cash along with equipment having a $39,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $460. c. On May 25, Elegant Lawns receives $8,700 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,900 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 left side T- 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 79,000 May 21 460 May 25 8,700 May 30 1,900 Ending balance 89,600 Ending balance 460 Equipment 167 Accounts Payable 201 Date Amount Date Amount Date Amount May 15 39,000 Date May 21 Amount 460 Ending balance Date Ending balance 39,000 Unearned Landscaping Revenue 236 Amount Date May 30 Landscaping Revenue 403 Date Amount Ending balance Date May 25 Ending balance 460 Common Stock 307 Amount Date Amount Date Amount 1,900 May 15 118,000 1,900 Ending balance Amount 8,700 8,700 < General Journal T accounts 118,000
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