For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction...

50.1K

Verified Solution

Question

Accounting

image
image
image
image
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 Recelvable (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 $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $500. c. On May 25 , Elegant Lawns receives $4,000 cash for performing landscaping services. d. On May 30 , Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. For each of the above transaction, analyze the transaction using the accounting equation. Note: Enter total amounts only. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Equipment 167 } \\ \hline & Amount & Date & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending balance & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Accounts Payable 201 } \\ \hline Date & Amount & Date & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending balance & & & \\ \hline & & \\ \hline \end{tabular} Unearned Landscaping Revenue 236 \begin{tabular}{|l|l|l|l|} \hline Date & Amount & Dato & Amount \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending balance & & & \\ \hline & & & \\ \hline \end{tabular} Ending balance Landscaping Revenue 403 \begin{tabular}{|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Dato Amount } & Date & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending balance & & & \\ \hline \end{tabular} General Journal Th aecounts Post the entry using T-accounts to represent ledger accounts: Note: 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 d For each of the above transaction, record the transaction in journal entry form. 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)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students