QS 2-6 Analyzing transactions and preparing journal entries LO P1

On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $82,000 in cash along with equipment having a $42,000 value.

On May 21, Elegant Lawns purchases office supplies on credit for $520.

On May 25, Elegant Lawns receives $9,000 cash for performing landscaping services.

On May 30, Elegant Lawns receives $2,200 cash in advance of providing landscaping services to a customer.

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 accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696).

QS 2-6 Analyzing transactions and preparing journal entries LO P1 a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $82.000 in cash along with equipment having a $42,000 value b. On May 21. Elegant Lawns purchases office supplies on credit for $520. c. On May 25, Elegant Lawns receives $9,000 cash for performing landscaping services. d. On May 30. Elegant Lawns receives $2,200 cash in advance of providing landscaping services to a customer. 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), D. Tyler, Capital (301): D. Tyler. Withdrawals (302) Landscaping Revenue (403), Wages Expense (601), and Landscaping Expense (696) 05 Complete this question by entering your answers in the tabs below. Analyze General Journal Taccounts For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Liabilities Equity a. b. . G d. General Journal > Journal entry worksheet On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $82,000 in cash along with equipment having a $42,000 value. Note: Enter debits before credits. Date General Journal Debit Credit May 15 Record entry Clear entry View general journal Journal entry worksheet On May 21, Elegant Lawns purchases office supplies on credit for $520. Note: Enter debits before credits. Date General Journal Debit Credit May 21 Record entry Clear entry View general journal Journal entry worksheet 1 N 3 4 On May 25, Elegant Lawns receives $9,000 cash for performing landscaping services. Note: Enter debits before credits Date General Journal Debit Credit May 25 Record entry Clear entry View general journal Journal entry worksheet On May 30, Elegant Lawns receives $2,200 cash in advance of providing landscaping services to a customer. Note: Enter debits before credits. Date General Journal Debit Credit May 30 Record entry Clear entry View general journal Analyze General Journal Taccounts Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date account entries you must use a left side date selection.) Cash 101 Office Supplies 124 Amount Date Dato Amount Dato Amount Date Amount End, bal End bal Equipment 167 Amount Dato Accounts Payable 201 Amount Date Date Amount Dato Amount End, bal End bal Unearned Landscaping Revenue 236 Amount Date Amount D. Tyler, Capital 301 Amount Date Date Date Amount End bal End bal Landscaping Revenue 403 Amount Date Amount End bal General Journal