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. De Shawn Tyler opens a landscaping company called Elegant Lawns by investing $88.000 in cash along with equipment having a $48,000 value in exchange for common stock b. On May 21, Elegant Lawns purchases office supplies on credit for $640. c. On May 25, Elegant Lawns receives $9,600 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,800 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) Assets Liabilities Equity a. b. C. d. Analye General Journal > Date Amount Date May 15 May 25 May 30 Cash 101 Amount 88,000 9,600 2,800 Date May 21 Office Supplies 124 Amount Date 640 Amount > End, bal 100,400 End bal 640 Date May 15 Equipment 167 Amount Date 48,000 Amount Accounts Payable 201 Amount Date Date > Amount 640 May 21 End bal 48,000 End bal 540 Date Unearned Landscaping Revenue 236 Amount Date May 30 Date Amount 2,800 Common Stock 307 Amount Date May 15 May 15 Amount 88.000 48.000 3 End bal 2 800 End bal 136.000 Date Landscaping Revenue 403 Amount Date May 25 Amount 9,600 End bal 9,600 Determine the ending balance of each of the following T-accounts. Cash 260 210 Accounts Payable 3,600 12,800 5,700 460 220 180 470 0 0 3,300 Supplies 11,600 2,700 5,400 Accounts Receivable 1,400 310 310 310 260 0 0 Wages Payable Cash 860 860 15,800 960 260 6,100 7,600 2,900 0 0 0 [The following information applies to the questions displayed below. Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August $ Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock 25,370 Dividends 22,370 Consulting fees earned 5,260 Rent expense 44,010 Salaries expense 20,620 Telephone expense 10,540 Miscellaneous expenses 102,100 $ 6,020 27,010 9,570 5,620 880 530 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business HELP TODAY Income Statement 0 The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August $ Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock 25,370 Dividends 22,370 Consulting fees earned 5,260 Rent expense 44,018 Salaries expense 20,020 Telephone expense 10,540 Miscellaneous expenses 102,100 $ 6,020 27,010 9,570 5,620 880 530 Exercise 2-17 Preparing a statement of retained earnings LO P3 Use the above information to prepare an August statement of retained earnings for Help Today. The Retained Earnings account balance at August 1 was $0. Hint. Net income for August is $10,410 HELP TODAY Statement of Retained Earnings $ 0 [The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 25, 370 Dividends 22,370 Consulting fees carned 5,260 Rent expense 44,010 Salaries expense 20,020 Telephone expense 10,540 Miscellaneous expenses 102,100 $ 6,020 27,010 9,570 5,620 880 530 Exercise 2-18 Preparing a balance sheet LO P3 Use the above information to prepare an August 31 balance sheet for Help Today HELP TODAY Balance Sheet Total equity 0 $ 0 $ 0
