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FROM 1 TO 16 Steve Russell started a snow removal and landscaping business he called Total Care Services. Selected transactions for Total Care Services, for
FROM 1 TO 16
Steve Russell started a snow removal and landscaping business he called Total Care Services. Selected transactions for Total Care Services, for the year ended May 31, 2021, are listed below. 1. 2. 3. 4. 5. 6. 7. 8. 9. Steve transfers his used pickup truck valued at $3,870 into the business. Steve invested $2,840 cash in the business and opened a bank account in the name of Total Care Services. Purchased a used snow plow from a dealer for $1,410 paying half as a down payment and half on account. Plowed the parking lot of a local mall and billed the mall management company $880. Paid for gas for the truck $130. Plowed three neighbours' driveways and immediately got paid $75 each. Collected in full the invoice billed to the mall management company. Paid balance owing on the purchase of the snow plow. Purchased a new lawn mower for $760, paying 15% down in cash, the remainder on account. Paid for business cell phone charges of $30. Purchased $360 of lawn maintenance supplies for cash. Billed customers $1,480 for lawn maintenance services completed. Paid balance owing on lawn mower. Collected $755 from customers for services previously billed. Steve withdrew $1,020 cash for personal use. Provided lawn maintenance services totalling $1,150 for several clients - one client whose bill is $135 pays cash, the remainder are on account. 10. 11. 12. 13. 14. 15. 16. Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5Step by Step Solution
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