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I want to make sure I am putting these together the right way and would love it if someone can look this over so I
I want to make sure I am putting these together the right way and would love it if someone can look this over so I can compare.
Thank you so much!
The general ledger, general journal and trial balance excel sheets are listed below.
https://ccco.desire2learn.com/d2l/common/viewFile.d2lfile/Database/MTk0ODEyMjA/M1Mpp.docx?ou=1752965
Ace Lawn Care Module 1 Mini Practice Problem lawns for neighbors while he was in Graham started his ca nior high schoo reer moving Jim worked summers for the local golf course while he was in high school and now that he has graduated, he is starting his own lawn care business. You are taking an accounting class at the cal community coll nd have agreed to help Jim 1 U maint n the accounting ege records for his new busin ess. He has set up a checking account in the business name, Ace Lawn Care, at the local bank. After some discussion with you, Jim has decided to set the business up as a sole proprietorship. You and Jim established a chart of accounts to be used recording the business transactions. In May, 2014, the following activities occur at Ace Lawn Care. Jim withdraws $15,000 from his savings account and deposits it in the business bank act Jim purchases a used truck for $5,000 to use for the lawn care business, he writes a check for $2,000 and signs a 1 year, 69E note for the balance Jim purchases a lawn mower for $300 and an aerator for $500 and es a check for the tot amount Jim writes a $500 check for a six month insurance policy that expires October 31 May 6 2014 Jim estabish a $500 line of credit account with Jones Fuel, a local gas station. es May 7 Jim writes a check for $50 for a weekly advertisement in the local newspaper May The advertisement wil run every Friday through the end of May, 2014 At the end of the first week, Jim has earned $600 for lawn care services. Of the May 16 $600, $500 was paid in cash and $100 was on credit May 23 the end of the second week, Jim has earned $1,100 for lawn care services. O the $1,100, $700 was paid in cash and$400 was on credit Jim writes a check for$50 to have the mower blade sharpened May 26 ay 30 the end of the third week, Jim has earned $1,000 for lawn care services. Of the $1,000, $800 was paid in cash and S200 was on credit. Jim receives payments, on account, in the amount of $500 May 31 Jim receives his monthly invoice and writes a check for $150 to Jones Fuel May 31 Jim writes a check to himself for $1,000 for personal expenses. May 31 nstructions bell Using the chart of accounts provided low, and the Excel emplate pl roid ed with this assignment, prepare journal entries, in good form, to record the May transactions Explanations are optional. 2. Post th ntries ledger accounts gener 3. Prepare a trial balance as of May 3 2014, for Ace Lawn Care. Ace Lawn Care Chart of Accounts Cassication Account Number Account Name ASSETS 101 Cash Accounts Recewooe 120 Supplies 130 Grepaid Insurance 130 Equipment Accumulated Depreciation EEupment ILABILITE 2001 Accounts payabe Interest Payab OWNERSEGUITY 301 Owners capita Owners Drawing REVENUES 401 Service Revenue EXPENSES G20 Supplies Expense expense Repair and Maintenance Expense Insurance Expense Depreciaron Expense Interest expenseStep by Step Solution
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