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Steve Hall started a snow removal and landscaping business he called Wildhorse Services. Selected transactions for Wildhorse Services are listed below. 1. Steve transferred
Steve Hall started a snow removal and landscaping business he called Wildhorse Services. Selected transactions for Wildhorse Services are listed below. 1. Steve transferred his used pickup truck valued at $3,680 into the business. 2 Steve opened a bank account in the name of Wildhorse Services and invested $2,640 cash in the business. 3. Purchased a used snow plow from a dealer for $1,550, paying half as a down payment and half on account. 4. Plowed the parking lot of a local mall and billed the mall management company $840. 5. Paid for fuel for the truck, $130. 6. Plowed three neighbours' driveways and immediately got paid $70 each. 7. Collected in full the invoice billed to the mall management company from #4 above. 8. Paid balance owing on the purchase of the snow plow. 9. Purchased a new lawn mower for $860, paying 10% down payment in cash, with the remainder on account. 10. Paid for business cellphone charges of $45. 11. Purchased $330 of lawn maintenance supplies for cash. 12 Billed customers $1,120 for lawn maintenance services completed. 13. Paid balance owing on lawn mower purchase. 14. Collected $805 from customers for services previously billed. 15. Steve withdrew $1.135 cash for personal use. 16. Provided lawn maintenance services totalling $1,205 for several clients - one client whose bill is $185 pays cash, and the remainder are on account.
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