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What are the answers to the mistakes, keeping in mind that the General Journal is entirely correct 7 For each transaction. (1) analyze the transaction
What are the answers to the mistakes, keeping in mind that the General Journal is entirely correct
7 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): Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); and Landscaping Expense (696). a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $90,000 in cash along with equipment having a $50,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $680. c. On May 25, Elegant Lawns receives $9,800 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $3,000 cash in advance of providing landscaping services to a customer. , Answer is not complete. Complete this question by entering your answers in the tabs below. Analyze General Journal T accounts Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date selection. For left side T- account entries you must use a left side date selection.) Date Amount Date Office Supplies 124 Amount Date 680 Amount Cash 101 Amount 90,000 9,800 3,000 Date May 15 May 25 May 30 May 21 Ending balance 102.800 Ending balance 680 Equipment 167 Amount Date Amount Date May 15 Amount Accounts Payable 201 Amount Date 680 X Date May 21 50,000 x Ending balance 50,000 Ending balance 680 Unearned Landscaping Revenue 236 Amount Date 3,000 X Amount Date Date May 30 Common Stock 307 Amount Date 140,000 Amount May 15 X Ending balance 3,000 Ending balance 140,000 Date Landscaping Revenue 403 Amount Date 9,800 X Amount May 25 x Ending balance 9,800Step by Step Solution
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