This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise of Chapter...

This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise of Chapter 3. Start from the posted T-accounts and the adjusted trial balance for Lawlor Lawn Service prepared for the company at May 31, 2012:

Requirements

1. Complete the accounting worksheet at May 31, 2012.

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2. Journalize and post the closing entries at May 31, 2012. Denote each closing amount as Clo and an account balance as Bal.

Preparing adjusting entries and preparing an adjusted trial balance [20-30 min]

This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise of Chapter 2. Start from the trial balance and the posted T-accounts that Lawlor Lawn Service prepared at May 31, 2012.

Requirements

1. Open these additional T-accounts: Accumulated depreciation—equipment; Depreciation expense—equipment; Supplies expense.

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2. Mindy Lawlor determines there are $40 in Lawn supplies left at May 31, 2012. Depreciation on the equipment was $30 for the month. Journalize any required adjusting journal entries.

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3. Post to the T-accounts, keying all items by date.

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4. Prepare the adjusted trial balance, as illustrated in Exhibit.

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.

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2. Journalize the transactions. Explanations are not required.

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3. Post to the T-accounts. Key all items by date, and denote an account balance as Bal. Formal posting references are not required.

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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:

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.

Analyzing transactions [10-15 min]

Lawlor Lawn Service, Inc., began operations and completed the following transactions during May, 2012:

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.