Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello and Good Morning, I need help with an Accounting assignment. I am having some difficulties. Actually, as a part of this assignment, I need
Hello and Good Morning,
I need help with an Accounting assignment. I am having some difficulties. Actually, as a part of this assignment, I need to provide journal entries, general ledger and then create a trial balance. I just need to know that I am on the right track because it does not seem correct what I have thus far. Thanks.
During its first month of operation, the Leonard Landscaping Company, which, specializes in landscaping services, completed the following transactions. | |
April Transactions | |
Date | Transaction Description |
April 1 | Started a landscaping business by making a $50,000 deposit in a company bank account, in exchange for 5,000 shares of $10 par value common stock. |
April 1 | Purchased insurance for the year and paid $3,600 cash. |
April 1 | Paid monthly rental of $2,500 cash on a warehouse to store the landscaping equipment. |
April 3 | Purchased landscaping equipment from Toro for $15,000, paying a downpayment of $10,000 cash, and $5,000 on account. |
April 5 | Purchased landscaping supplies of $750 on account. |
i | Paid $500 cash for advertising in local newspapers. |
April 10 | Received $12,500 in cash for landscaping services provided. |
April 12 | Paid $2,000 on account for landscaping equipment previously purchased on April 3rd. |
April 15 | Provided landscaping services on account for $1,200. |
April 20 | Received $10,500 in cash for landscaping services provided. |
April 28 | Received $600 cash on account for landscaping services performed on April 15th. |
April 30 | Received $4,000 cash for landscaping services provided. |
April 30 | Paid a utility bill of $700 cash. |
April 30 | Paid dividends of $3,000 cash |
April 30 | The inventory of landscaping supplies showed a balance of $300 on hand at the end of the month. |
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