Journalizing transactions, posting to T-accounts, and preparing a trial balance [30-45 min] Exercise continues with the consulting business of Lawlor Lawn;Service, Inc., begun in Exercise Here you will account for Lawlor Lawn Service’s transactions as it is actually done in practice.
Requirements
1. Open T-accounts: Cash, Accounts receivable, Lawn supplies, Equipment, Accounts payable, Common stock, Retained earnings, Dividends, Service revenue, and Fuel expense.
2. Journalize the transactions. Explanations are not required.
3. Post to the T-accounts. Key all items by date, and denote an account balance as Bal. Formal posting references are not required.
4. Prepare a trial balance at May 31, 2012.
Analyzing transactions [10-15 min]
Lawlor Lawn Service, Inc., began operations and completed the following transactions during May, 2012:
May 1 | Received $1,700 and issued 100 shares of common stock. Deposited this amount in bank account titled Lawlor Lawn Service, Inc. |
3 | Purchased on account a mower, $1,200, and weed whacker, $240. The equipment is expected to remain in service for four years. |
5 | Purchased $30 of gas. Wrote check #1 from the new bank account. |
6 | Performed lawn services for client on account, $150. |
8 | Purchased $150 of fertilizer that will be used on future jobs. Wrote check #2 from the new bank account. |
17 | Completed landscaping job for client, received cash $800. |
31 | Received $100 on account from May 6 sale. |
Requirement
1. Analyze the effects of Lawlor Lawn Service transactions on the accounting equation. Use the format of Exhibit, and include these headings: Cash, Accounts receivable, Lawn supplies, Equipment, Accounts payable, Common stock, and Retained earnings.
Analysis of Transactions, Smart Touch Learning, Inc.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.