Q1) Joe Evans recently started a lawn care service named "OAKMONT" The following transactions occurred during the company's first month of business. Enter each of the following transactions into the accounting equation and identify an increase or decrease to assets, liabilities, shareholder's equity, revenues, or expenses. All of the transactions were for cash. Enter each transaction below into the accounting equation. Some of the account names have been abbreviated(COGS = Cost of Goods Sold). Begin by entering transaction 1 Then, enter each transaction in the order they are listed only in the given table.

NOTE: Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines and use only these account types :

CASH, COMMON STOCKS, EQUIPMENT, INVENTORY, RENT. EXPENSES, REVENUE, COGS = Cost of Goods Sold,

1. Joe contributed $23,000 of personal savings in exchange for stock to start the business. 2. The company purchased $8,500 of inventory (plants and shrubs) from a gardening wholesaler in Kansas. 3. The company purchased three riding lawn mowers at a cost of $4,000 each. 4. The company paid rent expense of $530 the first month 5. The company earned service revenue of $10,500 and sold the entire $8,500 of inventory it had purchased to customers for $11,900 cash Shareholders' Equity Assets Liabilities + Contributed Capa Retained Earnings Account Account Account Account