Question
The following account balances were taken from the records of Larson Inc. at December 31, 2017. Larson provides landscaping services and lawn supplies to businesses
The following account balances were taken from the records of Larson Inc. at December 31, 2017. Larson provides landscaping services and lawn supplies to businesses in the local area.
Use the data below and the journal page that follows to prepare journal entries for Larson. For the sake of simplicity, assume that these are the only transactions for the month. You may omit explanations and you do NOT need to show the effect on the accounting equation as part of your journal entries.
1/4 made a credit purchase of supplies that cost $6,489.
1/5 performed landscaping services for $157,000 cash.
1/7 collected accounts receivable of $23,457.
1/10 declared and paid dividends of $15,000.
1/15 paid wages to employees of $25,600.
1/22 collected $10,500 of accounts receivable.
1/24 loaned $30,000 to Pitchfork Co. accepting a 4%, 6-month note receivable.
1/28 paid $10,000 of accounts payable.
1/30 paid other operating expenses of $14,000.
1/31 recorded depreciation expense of $20,000.
1/31 recorded income taxes payable of $15,000.
Do not copy. Make sure it is correct thanks
Debit Creditp Cash Accounts receivable Notes receivable Supplies Equipment Buildings Land Accumulated depreciation* Accounts payable Unearned service revenuer Income tax payable Notes payable long termp Mortgage payable+ Common stock? Retained earnin Dividends Service revenue Wages expense Operating expenses Depreciation expense Income tax expense+ Totalp 82,365 57,89 2,348* 198 325 165,75 60,000 23,478 7 60 216 300,000 164,375
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