Hello, I was hoping you could check over requirement 1 for me and if you could help me with the T charts?
Can you draw out the t charts so that I can see where things are supposed to go?
During its first month of operation, the Leonard Landscaping Company, which, specializes in landscaping services, completed the following transactions. Date April 1 April Transactions Transaction Description 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. Purchased insurance for the year and paid $3,600 cash. Paid monthly rental of $2,500 cash on a warehouse to store the landscaping equipment. Purchased landscaping equipment from Toro for $15,000, paying a downpayment of $10,000 cash, and $5,000 on account. April 1 April 1 April 3 April 5 April 7 April 10 April 12 April 15 April 20 April 28 Purchased landscaping supplies of $750 on account. Paid $500 cash for advertising in local newspapers. Received $12,500 in cash for landscaping services provided. Paid $2,000 on account for landscaping equipment previously purchased on April 3rd. Provided landscaping services on account for $1,200. Received $10,500 in cash for landscaping services provided. Received $600 cash on account for landscaping services performed on April 15th. Received $4,000 cash for landscaping services provided. Paid a utility bill of $700 cash. Paid dividends of $3,000 cash The inventory of landscaping supplies showed a balance of $300 on hand at the end of the month. April 30 April 30 April 30 April 30 Use the following account descriptions for journal entries. Chart of Accounts Account Number Account Title Normal Balance Account Type Assets 111 115 117 119 144 Cash Accounts Receivable Prepaid Insurance Landscaping Supplies Landscaping Equipment Debit Debit Debit Debit Debit Liabilities 212 Accounts Payable Credit Stockholders Equity 311 313 Common Stock Dividends Credit Debit Revenue 411 Landscape Services Revenue Credit Expenses 511 512 514 517 Warehouse Rent Expense Advertising Expense Landscaping Supplies Expense Utility Expense Debit Debit Debit Debit REQUIREMENT #1: Prepare journal entries to record the the April transactions in the General Journal below. Remember that Debits must equal Credits-All of your Journal Entries should balance. General Journal Account Number from Chart of Date Accounts tab Account Title from Chart of Accounts tab 1-Apr Cash Common Stock Credit Debit 50,000 50,000 1-Apr 3,600 Prepaid Insurance Cash 3,600 1-Apr 2,500 Warehouse Rent Expense Cash 2,500 3-Apr 15,000 Landscaping Equipment Cash Accounts Payable 10,000 5,000 5-Apr 750 Landscaping Supplies Accounts Payable 750 7-Apr 500 Advertising Expense Cash 500 10-Apr 12,500 Cash Landscape Services Revenue 12,500 12-Apr 2,000 Accounts Payable Cash 2,000 15-Apr 1,200 Accounts Recievable Landscape Services Revenue 1,200 20-Apr 10.500 Cash Landscape Service Revenue 10,500 28-Apr 600 Cash Accounts Recievable 600 30-Apr 4,0001 Cash Landscape Services Revenue 4,000 30-Apr 700 Utility Expense Cash 700 30-Apr 3,000) Dividends Cash 3,000 30-Apr 450 Landscaping Supplies Expense Cash 450 REQUIREMENT #2: Post the April journal entries to the following T-Accounts and compute ending balances. Date Cash (111) Date Landscape Service Revenue (411) 1-Apr 50,000 10-Apr 12,500 1-Apr 3,600 15-Apr 1.200 1-Apr 2,500 20-Apr 10,500 3-Apr 10,000 30-Apr 4.000 7-Apr 500 Total 28,200 10-Apr 12,500 12-Apr 2,000 20-Apr 10,500 28-Apr 600 30-Apr 4,000 30-Apr 700 30-Apr 3,000 30-Apr 450 Total Closing Balance Prepaid Insurance (117) 3,600 Warehouse Rent Expense (511) 2,500 1-Apr 1-Apr Total 3,600 Total 2,500 Landscaping Supplies (119) 750 Common Stock (311) 5-Apr 1-Apr 50,000 Total: 750 Total: 50,000 3-Apr Landscaping Equipment (144) 15,000 Dividends (313) 3,000 30-Apr Total: 15,000 Total: 3,000 Accounts Receivable (115) 1,200 7-Apr 15-Apr 28-Apr Advertising Expense (512) 500 500 600 Total: Total: 600 Accounts Payable (212) Landscaping Supplies Expense (514) 30-Apr 450 3-Apr 5-Apr 12-Apr 5,000 750 2,000 Total: 450 Total: 3,750 Utility Expense (517) 30-Apr 700 Total: 700 REQUIREMENT #3: Prepare a trial balance for March in the space below. Leondard's Landscaping Company Trial Balance April 30 Account Title Account Number Balance Debit Credit
