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); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); 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 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

Answer 1

Cash					Office Supplies					Equipment					Accounts Payable
15-May	$ 78,000.00				21-May	$ 440.00				15-May	$ 38,000.00						21-May	$ 440.00
25-May	$   8,600.00
30-May	$   1,800.00				End. Bal.	$ 440.00				End. Bal.	$ 38,000.00						End. Bal.	$ 440.00
End. Bal.	$ 88,400.00
Unearned Landscaping Revenue					D.Tyler, Capital					Landscaping Revenue
		30-May	$ 1,800.00				15-May	$ 116,000.00				25-May	$ 8,600.00
		End. Bal.	$ 1,800.00				End. Bal.	$ 116,000.00				End. Bal.	$ 8,600.00