Question

Score: 0 of 1 pt 1 of 8 (0 complete) HW Score: 0%, 0 of 16 pts T11-4 (similar to) Question Help 17. Using the information provided, analyze the affects of Loving Lawn Service's transactions on the accounting equation (Click the icon to view the transactions.) Analyze the events chronologically, one transaction at a time, beginning with the transaction on May 1st. For each transaction that follows the May 1st transaction, calculate the balance in each account after analyzing its effect on the accounting equation (Complete only the necessary answer boxes for your transaction lines For transaction lines, do not enter a "0" if an account is not affected by the transaction Carry down all balances to the "Bal" line, including zero balance accounts entering a "O" for any zero balances. Enter a decrease in an account with a minus sign or parentheses Abbreviation used: Contr = Contributed, Liab = Liabilities.) ASSETS LIAB. EQUITY Contr. Capital Retained Earnings Cash Accounts - Equipment Receivable 800+ 000 + 1200 Accounts Payable Common - Dividends . Stock 3000 - L 200- Service - Revenue 800- Gas Expense 40 5/1 1560+ * More Info - X May 1 Received $3,000 and issued common stock May 3 Purchased a mower on account, $1,200 May 5 Performed lawn services for client on account, $800. May 17 Paid $40 cash for gas used in mower May 28 Paid cash dividends of $200 Enter any 4 4 remain parts Print Done Final Check

Answer 1

Answer:

ASSETS

=

LIAB.

+

EQUITY

Contr. Capital

+

Retained Earnings

Cash

+

Accounts Receivable

+

Equipment

=

Accounts Payable

+

Common Stock

-

Dividends

+

Service Revenue

-

Gas Expense

5/1

$3,000

+

+

=

+

$30,000

-

+

-

5/3

+

+

$1,200

=

$1,200

+

-

+

-

5/5

+

$800

+

=

+

-

+

$800

-

5/17

($40)

+

+

=

+

-

+

-

$40

5/28

($200)

+

+

=

+

-

$200

+

-

Total

$2,760

+

$800

+

$1,200

=

$1,200

+

$30,000

-

$200

+

$800

-

$40