Need Help with the general jounral of these transactions and accounts
Narrative of Transactions No. Date 1 6/1 2 6/2 6/4 Transaction Larry deposited $500 of his own money into a business checking accounting to start his lawn care service. Larry borrowed $1,000 from his cousin, Chun Yan Wong, by signing a note payable. The terms of the note were 12% interest, with $100 per month to be paid on the principal plus any accrued interest. Paid $720 for a lawn mower with an estimated life of three years. Made an arrangement with a school mate, Kristy Walker, to provide transportation in her pickup truck. Paid $120 for a weed trimmer with an estimated useful life of two years. Paid $75 for various supplies to be used in the business. 6/5 4 6/6 5 6/9 6 6/9 7 6/10 8 6/11 9 6/13 Paid $35 to the local newspaper for an advertisement about Larry's Lawn Care. Paid $10 to Ralph's Service Center for gas and oil. Performed lawn service for Mrs. Washington and collected $60. Received a memo from the bank, charging Larry's Lawn Care $10 for its first check order (miscellaneous expense).. Collected $140 from Mr. and Mrs. Silva for lawn work performed that week. Dropped the trimmer and broke the handle. Paid $35 to have it repaired. Collected $85 from Mr. Mauney for work performed over the last two days. Paid $25 for handbills that Larry distributed through the neighborhood, advertising his services 10 6/15 11 6/17 12 6/18 13 6/18 146/15 2 on /20 17. 6/21 18 6/23 Paid Kristy Walker $25 for transportation Mr Eid Mrs. Bronson are le ving on an extended cat on. They paid Larry $200 in advance for work to be performed later. Paid Ralph's Service Center $40. Fifteen dollars of the $40 was for gas, $20 was for supplies, and $5 was for Larry's lunch. Larry paid $5 to his parents for long distance calls that were business related (miscellaneous expense). Completed another $100 of yard work for Mr. Mauney. Larry presented Mr. Mauney with a bill, but Mr. Mauney was unable to pay him at this time. Paid Kristy Walker $20 for transportation. Collected $75 from Mrs. Collins for lawn care performed that week. Paid Ralph's Service Center a total of $15. Ten dollars was for gas and oil, and $5 was for spark plugs (repair). Larry withdrew for personal use $20 in cash from the business checking account. Collected $40 from Mr. Mauney on the amount he owed Larry. Paid Chun Yan Wong $110. One hundred dollars was on the principal of the note, and $10 was for interest. 19 6/24 20 6/26 21 6/26 22 6/28 23 6/29 24 6/30 I RRY'S LAWN CAR Cart of Accounts ASSETS 100 Cash 110 Accounts Receivable - Mr. Mauney 111 Accounts Receivable - Mr. Miller 120 Supplies 150 Lawn Mower 151 Accumulated Depreciation - Lawn Mower 160 Weed Trimmer 161 Accumulated Depreciation - Weed Trimmer LIABILITIES 200 Note Payable - Chun Yan Wong 210 Account Payable Kristy Walker 220 Unearned Revenue CAPITAL 300 Larry Chang - Capital 310 Larry Chang - Drawing REVENUE 400 Lawn Service Revenue EXPENSES 500 510 520 530 540 550 560 570 590 Supply Expense Transportation Expense Advertising Expense Repair Expense Depreciation Expense - Lawn Mower Depreciation Expense - Weed Trimmer Gas and Oil Expense Interest Expense Miscellaneous Expense INCOME SUMMARY 600 Income Summary
