Question

Complete all journal entries for the transactions below (please use Chart of Accounts).

8/1/2016	Lucas Jackson opened his own landscapping firm called, Jackson's Landscape Design. He invested $120,000 capital into the company from his own personal bank account.
8/3/2016	Lucas Jackson purchased a building for $50,000 building with a mortgage from Highland Community Credit Union, with a 20% downpayment
8/4/2016	Lucas Jackson purchasd a lawmower on credit from Michael's Lawn Equipment for $2,500
8/5/2016	Lucas Jackson purchased a 12 month insurance policy for the lawnmower at $22 per month. A Prepayment was made of 5 months.
8/6/2016	Lucas Jackson purchased inventory for $7,000.
8/10/2016	Lucas Jackson mowed 10 different clients yards, charging a total of $1,000. All of the clients paid in cash that day.
8/11/2016	Lucas Jackson sold $3,000 worth of inventory for $5,300.
8/12/2016	Lucas Jackson assembled a rock garden in a client's yard. The total charges for this rock garden is $4,000. A bill has been sent to the client with the terms of net 15 days.
8/17/2016	Purchased Office Supplies on credit from Madelyn's Office Supplies for $150
8/20/2016	Jackson Landscape Design paid a bill in cash to Highland Utility Company for $75
8/22/2016	Lucas Jackson purchased fuel for his lawnmowers for $120. The fueld bill was paid in cash.
8/23/2016	Lucas Jackson sold $2,000 worth of inventory for $3,300.
8/26/2016	Lucas Jackson paid an employee wages for work performed for the past week. The payment was made in cash for $85.
8/27/2016	Lucas Jackson purchased a weed eater on credit from Makaela's Tool and Supply for $350
8/29/2016	Lucas Jackson paid Makaela's Tool and Supply in full for weed eater purchased on credit
8/30/2016	Lucas Jackson withdrew $50 from the business for his own personal uses.
8/31/2016	Received payment from the client who had a rock garden assembled on credit by Jackson's Landscape Design. The total payment from the client was $2500
8/31/2016	Inventory was taken of the supplies. The total supplies as of 8/31/2016 was $60. An adjustment must be recorded for the closing of the books for the month of August 2016.
8/31/2016	Total Depreciation for all lawn equipment was estimated to be $230 for the month of August 2016.
8/31/2016	Please make the monthly adjustment for the insurance policy purchased on 8/5/2016. The monthly payment for this insurance premium is $22 per month.
8/31/2016	Please complete all closing journal entries and enter them into the general ledger

Answer 1

Answer 2