Question

a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $82,000 in cash along with equipment having a $42,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $520. c. On May 25, Elegant Lawns receives $9,000 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,200 cash in advance of providing landscaping services to a customer. 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); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). Complete this question by entering your answers in the tabs below. Analyze General Journal T accounts

Answer 1

solution: Part 2 Part 3 Part 1 Equity O+124000 520+ 0+ 2200 Liabilities Office supplies 520 Assets 124000 General Journal Debit Credit 82000 42000 Date cash No 82000 9000 May 15. cash Equipment May 15. May 25 May 30 May 21. ar a b 520 9000 124000 9000 2200 2200 common stock May 21. office supplies accounts payable 520 end bal 520 end bal 93200 b 520 Equipment 42000 Accounts payable 520 May 21 May 25. cash May 15. c 9000 Landscaping revenue 9000 May 30. cash 2200 d Unearned landscaping revenue 42000 520 2200 end bal end bal D,Tyler capital Unearned landscaping revenue 2200 May 30. 124000 May 15. end bal end bal 124000 2200 landscaping revenue 9000 May 25. 9000 end bal Sheet502 Sheet503 Sheet505 Sheet507 Sheet500 Sheet501 Sheet504 Sheet506 Sheet508 ENG 17:09 US 28/10/2019