Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Post the April journal entries to the following T-Accounts and compute ending balances. Leonard Landscaping Company assets account number account type normal balance 111 cash
Post the April journal entries to the following T-Accounts and compute ending balances. Leonard Landscaping Company
assets | account number | account type | normal balance |
111 | cash | debit | |
115 | Accounts receivable | debit | |
117 | Prepaid insurance | debit | |
119 | Landscaping Supplies | debit | |
144 | Landscaping Equipment | debit | |
Liabilities | 212 | Accounts payable | credit |
Stockholders Equity | 311 | Common stock | credit |
313 | Dividends | debit | |
Revenue | 411 | Landscape services revenue | credit |
Expenses | 511 | Warehouse rent expense | debit |
512 | Advertising expense | debit | |
514 | Landscaping supplies expense | debit | |
517 | Utility expense | debit |
Journal Entries Date Account Title and Explaination Post. Ref. Debit Credit ($) (5) April $ 50,000.00 Cash Common Stock (To record Cash imested in exchange of common stock) 50,000.00 Apr.1 Prepaid Insurance 3.600.00 Cash 3.600.00 To record strane prew.con paid for one year) 2.500.00 Apr.1 Rent Expense Cash To record Rent for opil montpaid) 2.500.00 Apr 3 15,000.00 Landscaping Equipment Cash Accounts Payable (To record Landscaping Equipment purchased and part payment paid 10,000.00 5.000.00 750.00 Landscaping Supplies Accounts Payable (To record Landscaping supplies purchased on accom 750.00 ) Aprs 500.00 Advertising Expense Cash (To record Advertising Expenses paid) 500.00 Apr.10 12.500.00 Cash Service Revente (To record Cash received for provided service) $ 12.500.00 Apr. 12 2.000.00 Accounts Payable Case (To record repayment of diw) 2.000.00 200.00 Apr.15 Accounts Receivable Service Revenue To record service provided on account) 1,200.00 10 500.00 Apr 20 Cash Service Reverme To record Service provided for cash) 10,500.00 Apr 28 Cash Accounts Receivable To record collection of dwes) 600.00 Apr 30 Cash Service Revemme To record Cashorecend for service provided) S 4,000.00 Apr 30 700.00 Utilities Expense Cash To record Unilines Expenses paid) S 700.00 Apr 30 Dividends Cash To record Poment of Dividends) $ 3.000.00 450.00 450.00 Landscaping Supplies Expense (S750-$300) Landscaping Supplies To reord adjusting entry for Consumpion of landscaping supplies)
Step 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