Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 $75,000 in cash along with equipment having a $35,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $380. c. On May 25, Elegant Lawns receives $8,300 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,500 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 For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Liabilities Equity Assets a. b. = C. + d. Analyze General Journal > Journal entry worksheet On May 21, Elegant Lawns purchases office supplies on credit for $380. Note: Enter debits before credits. Date General Journal Debit Credit May 21 Record entry Clear entry View general Journal Journal entry worksheet On May 30, Elegant Lawns receives $1,500 cash in advance of providing landscaping services to a customer. Note: Enter debits before credits. General Journal Debit Credit Date May 30 Record entry Clear entry View general Journal Cash 101 Date Office Supplies 124 Amount Date Date Amount Amount Date Amount End. bal. End. bal. Equipment 167 Amount Date Accounts Payable 201 Amount Date Date Amount Date Amount End. bal. End. bal. Unearned Landscaping Revenue 236 Amount Date Amount Common Stock 307 Amount Date Date Date Amount End. bal. End. bal. Landscaping Revenue 403 Amount Date Date Amount End. bal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started