Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help!!! thank you Answer the following questions. Hint. Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $194,000
please help!!! thank you
Answer the following questions. Hint. Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $194,000 and its equity is $145,500. During the year, assets increas $80,000 and liabilities increase $47,000. What is the equity at year-end? b. Office Store Company has assets equal to $205,000 and liabilities equal to $165,000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Company's liabilities equal $57,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $16,000 during the year. What are the beginning and ending amounts of equity? Answer is not complete. Complete this question by entering your answers in the tabs below. At the beginning of the year, Quaker Company's liabilities equal $57,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $16,000 during the year. What are the beginning and ending amounts of equity? For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3 post the entry using T-accounts to represent ledger accounts. Use the following partial chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); anc Landscaping Expense (696). a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $88,000 in cash along with equipment having a $48,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $640. c. On May 25 , Elegant Lawns receives $9,600 cash for performing landscaping services. d. On May 30 , Elegant Lawns receives $2,800 cash in advance of providing landscaping services to a customer. Answer is not complete. Complete this question by entering your answers in the tabs below. For each of the above transaction, record the transaction in journal entry form. Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); and Landscaping Expense (696). For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following partial chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); and Landscaping Expense (696). a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $88,000 in cash along with equipment having a $48,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $640. c. On May 25 , Elegant Lawns receives $9,600 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,800 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. Post the entry using T-accounts to represent ledger accounts. Note: TIP: For right side T-account entries you must use a right side date selection. For left side T-account entries you must use a left side date selectionStep 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