For Each Transaction 1 Analyze The Transaction Using The Accounting Equation 2 Record The Transaction In Journal E 1 (138.03 KiB) Viewed 84 times
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 $78,000 in cash along with equipment having a $38,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $440. c. On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer.
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 si account entries you must use a left side date selection.) Amount Date Office Supplies 124 Amount Date 440 Amount Cash 101 Amount Date 78,000 8,600 1,800 Date May 15 May 25 May 30 May 21 Ending balance 88,400 Ending balance 440 Equipment 167 Amount Date 38,000 Amount Date Date May 15 Accounts Payable 201 Amount Date May 21 Amount 440 Ending balance 38,000 Ending balance 440 Date Unearned Landscaping Revenue 236 Amount Date Amount May 30 Date Common Stock 307 Amount Date May 15 Amount 116,000 1,800 Ending balance 1,800 Ending balance 116,000 Date Landscaping Revenue 403 Amount Date May 25 Amount 8,600
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