Question

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 $83,000 in cash along with equipment having a $43,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $540. c. On May 25, Elegant Lawns receives $9,100 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,300 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. Analyze General Journal T accounts For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amo Assets - Liabilities - Equity a. $ 126,000 - $ 0 + $ 126,000 b. $ 450 - $ 450 + $ 0 C. $ 9,100 - $ 0 + S 9,100 d.. $ 2,300 - $ 2,300 + $ 0 General Journal > < Prev 35 of 63 ! Next > 33 ? &WX? R9 EEEU MacBook Air

Answer 1

= = 94400 | Assets a. $1,26,000 b. $ 540 |c. $ 9,100 d. $ 2,300 Liabilities + Equity $ - 1 + $ 1,26,000 $ 540 + $ $ - 1 + $ 9,100 $ 2,300 + $ . Cash Common Stock 83000 End.Bal Landscaping Revenue $ 9,100 Unearned Land Scaping revenue $ 2,300 94400 Supplies Accounts Payable $ 540 End.Bal $ 540 $ 540 $ 540 = = 94400 No Account Title a. Cash Equipment Common Stock Supplies Accounts Payable Cash Landscaping Revenue Cash Unearned Land Scaping revenue Debit Credit $ 83,000 $ 43,000 | $ 1.26,000 $ 540 $ 540 $ 9,100 $ 9,100 $ 2,300 $ 2,300 Unearned Land Scaping revenue End.Bal $2,300 Cash $2,300 Landscaping Revenue $ 9,100 Cash $ 9,100 $2,300 $2,300 Income Statement $ $ 9.100 9,100 End.Bal Accounts Payable $ 540 Supplies $ 540 $ 540 $ 540 Equipment $ 43,000 End.Bal $ 43,000 Common Stock $ 43,000 $ 43,000 End.Bal Common Stock $1,26,000 Equipment $ 43,000 Cash 83000 $1,26,000 $1,26,000