Wesley's Tree & Yard Service, Inc., a company that takes care of trees, lawns, and shrubbery of personal residences, engaged in the following transactions in October 2016:
Date |
Description |
---|---|
Oct 1 |
Received $50,000 cash for shares of capital stock issued when company was organized. |
2 |
Received marketing expense invoice for $500 due in 30 days |
3 |
Borrowed $20,000 from the bank on a note to purchase a truck and trailer (Interest and principle payments are $500 per month and interest $50.) |
4 |
Purchased $4,000 cash for equipment |
5 |
Purchased $125 of supplies for cash |
7 |
Received $2,500 cash for services |
14 |
Invoiced a customer for $3,000 for services performed; customer agreed to pay in 10 days |
15 |
Paid $1,500 for employee wages |
24 |
Received $3,000 cash from customer who paid invoice due |
31 |
Paid $550 to the bank for $500 principle against the note and $50 interest expense |
31 |
Paid $1,000 for employee wages |
Wesley's Tree & Yard Service, Inc. transactions on the accounting equation. | ||||||||||||||||||||||
Date | Assets | = | Liabilities | + | Equity | |||||||||||||||||
= | + | Contributed Capital | Retained Earnings | |||||||||||||||||||
Cash | + | A/R | + | Office Supplies | + | Truck & Trailer | + | Equipment | = | Accounts Payable | + | Notes Payable | Common Stock | + | Service Revenue | - | Marketing Expense | - | Wages expense | Interest Expenses | ||
Oct 1 | $50,000.00 | + | + | + | + | = | + | $50,000.00 | + | - | - | |||||||||||
Balance | $50,000.00 | + | $0.00 | + | $0.00 | + | $0.00 | + | $0.00 | = | $0.00 | + | $0.00 | $50,000.00 | + | - | $0.00 | - | $0.00 | - | $0.00 | |
Oct 2 | + | + | + | + | = | $500.00 | + | + | - | -$500.00 | - | - | ||||||||||
Balance | $50,000.00 | + | $0.00 | + | $0.00 | + | $0.00 | + | $0.00 | = | $500.00 | + | $0.00 | $50,000.00 | + | $0.00 | - | -$500.00 | - | $0.00 | - | $0.00 |
Oct 3 | + | + | + | $20,000.00 | + | = | + | 20000 | + | - | - | - | ||||||||||
Balance | $50,000.00 | + | $0.00 | + | $0.00 | + | $20,000.00 | + | $0.00 | = | $500.00 | + | $20,000.00 | $50,000.00 | + | $0.00 | - | -$500.00 | - | $0.00 | - | $0.00 |
Oct 4 | -$4,000.00 | + | + | + | + | $4,000.00 | = | $0.00 | + | + | - | - | - | |||||||||
Balance | $46,000.00 | + | $0.00 | + | $0.00 | + | $20,000.00 | + | $4,000.00 | = | $500.00 | + | $20,000.00 | $50,000.00 | + | $0.00 | - | -$500.00 | - | $0.00 | - | $0.00 |
Oct 5 | -$125.00 | + | + | $125.00 | + | + | = | + | + | - | - | - | ||||||||||
Balance | $45,875.00 | + | $0.00 | + | $125.00 | + | $20,000.00 | + | $4,000.00 | = | $500.00 | + | $20,000.00 | $50,000.00 | + | $0.00 | - | -$500.00 | - | $0.00 | - | $0.00 |
Oct 7 | $2,500.00 | + | + | + | + | = | + | + | $2,500.00 | - | - | - | ||||||||||
Balance | $48,375.00 | + | $0.00 | + | $125.00 | + | $20,000.00 | + | $4,000.00 | = | $500.00 | + | $20,000.00 | $50,000.00 | + | $2,500.00 | - | -$500.00 | - | $0.00 | - | $0.00 |
Oct 14 | + | $3,000.00 | + | + | + | = | + | + | $3,000.00 | - | - | $0.00 | - | $0.00 | ||||||||
Balance | $48,375.00 | + | $3,000.00 | + | $125.00 | + | $20,000.00 | + | $4,000.00 | = | $500.00 | + | $20,000.00 | $50,000.00 | + | $5,500.00 | - | -$500.00 | - | $0.00 | - | $0.00 |
Oct 15 | -$1,500.00 | + | + | + | + | = | + | + | - | - | -$1,500.00 | - | $0.00 | |||||||||
Balance | $46,875.00 | + | $3,000.00 | + | $125.00 | + | $20,000.00 | + | $4,000.00 | = | $500.00 | + | $20,000.00 | $50,000.00 | + | $5,500.00 | - | -$500.00 | - | -$1,500.00 | - | $0.00 |
Oct 24 | $3,000.00 | + | -$3,000.00 | + | + | + | = | + | + | - | - | - | ||||||||||
Balance | $49,875.00 | + | $0.00 | + | $125.00 | + | $20,000.00 | + | $4,000.00 | = | $500.00 | + | $20,000.00 | $50,000.00 | + | $5,500.00 | - | -$500.00 | - | -$1,500.00 | - | $0.00 |
Oct 31 | -$550.00 | + | + | + | + | = | + | -500 | + | - | - | - | -50 | |||||||||
Balance | $49,325.00 | + | $0.00 | + | $125.00 | + | $20,000.00 | + | $4,000.00 | = | $500.00 | + | $19,500.00 | $50,000.00 | + | $5,500.00 | - | -$500.00 | - | -$1,500.00 | - | -50 |
Oct 31 | -$1,000.00 | + | + | + | + | = | + | + | - | - | -$1,000.00 | - | 0 | |||||||||
Balance | $48,325.00 | + | $0.00 | + | $125.00 | + | $20,000.00 | + | $4,000.00 | = | $500.00 | + | $19,500.00 | $50,000.00 | + | $5,500.00 | - | -$500.00 | - | -$2,500.00 | - | -50 |
$72,450.00 | = | $20,000.00 | $50,000.00 | $2,450.00 | ||||||||||||||||||
$20,000.00 | Liabilities | $52,450.00 | equity | |||||||||||||||||||
Total Assets | $72,450.00 | $72,450.00 | Total Liabilities & Equity |
Wesley's Tree & Yard Service, Inc., a company that takes care of trees, lawns, and shrubbery...
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