Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please write the answers in the form of the world 2 Example of a Journal Entry: Date 1 January Explanation Debit Credit Db Gr Building
please write the answers in the form of the world
2 Example of a Journal Entry: Date 1 January Explanation Debit Credit Db Gr Building $2000 Accounts Payable $2000 Debit Building Credit Accounts Payable. Building is an asset. Assets are increased. Accounts Payable is a liability. Liabilities are increased 1. Donegan's Lawn Care Service began operations in July 2015. a) Record Dogies transactions in general journal form. (48 points) July 18 Issued 1000 shares of capital stock to Patrick Donegan for $5000 Date Debit Credit Db Gr July 22 Purchased office supplies on account for $250 Date Debit Credit Db Cr July 23 Purchased moving equipment for $1500, paying $500 cash and issuing a 60-day note payable for the remaining balance Date Debit Credit Db Cr July 24 Paid $30 cash for gasoline. Date Debit Credit Db Cr 3 July 25 Billed Lost Creek Cemetery $200 for mowing services. The entire amount is due July 30 Date Debit Credit Db Cr July 26 Billed Golf View Condomimiums $150 for mowing services. The entire amount is due August 1 Date Debit Credit Db Cr July 30 Collected $50 from Lost Creek Cemetery for mowing services provided on July 25. Date Debit Credit Db Cr July 31 Paid $70 salary to employee Teddy Grim for work performed in July Date Debit Credit Db Cr July 31 Paid $100 for maintenance and repair services on the mowing equipment. Date Debit Credit Db CY July 31 Paid a $150 dividends in cash Date Debit Credit Db Cr Luly 21 Paid $50 for an artverticement in the Incral nawenaner Date Debit Credit Db Cr The account titles used by Dogies are: Cash Accounts Receivable Office Supplies Mowing Equipment Salaries Expense Dividends Advertising Expense Mowing Revenue Retained Earnings Maintenance Expense Accounts Payable Notes Payable Capital Stock Fuel Expense b) Post each entry to the appropriate ledger accounts (use the T-account format given below) (13 points) 5 c) Prepare a trial balance dated July 31, 2015 for Donegan's Lawn Care Service. (13 points) DONEGAN'S LAWN CARE SERVICE TRIAL BALANCE JULY 31, 2015 Debit Credit Total 6 d) Prepare a balance sheet dated January 31, 2020. Please fill the table below. Please calculate retained earnings. (8 points) DONEGAN'S LAWN CARE SERVICE BALANCE SHEET At JULY 31, 2015 Assets: Liabilities and Owners Equity: Owners Equity: Total TotalStep 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