513 Gas & Oil Expense 221 Accounts Payable 514 Utilities Expense Owner's Equity 311 J. Lara, Capital 312 J. Lara, Drawing March Owner, J. Lara, deposited $35,000 in a bank account in the name of the business Lara invested his personal landscaping equipment, with a fair market value of $1,325, in the business Bought a used trailer on account from Tow Sales, $915, Inv. No. 314 Paid the rent for the current month, $950, Ck. No. 1000 4. 6. 7. 6. Bought a used backhoe from Digger's Equipment, $5,300, paying $3,000 in cash and placing the balance on account, Inv. No. 4166, Ck. No. 1001 10 Bought liability insurance for one year, $1,800, Ck. No. 1002 13 Sold landscaping services on account to C. Endel, $2,832, Inv. No. 100 14 Bought supplies on account from Office Requip, $380, Inv. No. 5172 15 Sold landscaping services on account to C. Endel, $2,832, Inv. No. 101 17 Received and paid the bill from Commercial Services for gas and oil for the equipment, $180, Ck. No. 100 19 Sold landscaping services for cash to Riston Company, $1,864, Inv. No. 102 22 Paid on account to Tow Sales, $500, Inv. No. 314, Ck. No. 1004 24 Received on account from Fredkey's, $800, Inv. No. 100 28 Sold landscaping services on account to Stevens, Inc., $1,830, Inv. No. 103 29 Received and paid the telephone bill, $260, Ck. No. 1005 30 Paid the salary of the employee, $1,850, Ck. No. 1006 31 Lara withdrew cash for his personal use, $1,500, Ck. No. 1007
513 Gas & Oil Expense 221 Accounts Payable 514 Utilities Expense Owner's Equity 311 J. Lara, Capital 312 J. Lara, Drawing March Owner, J. Lara, deposited $35,000 in a bank account in the name of the business Lara invested his personal landscaping equipment, with a fair market value of $1,325, in the business Bought a used trailer on account from Tow Sales, $915, Inv. No. 314 Paid the rent for the current month, $950, Ck. No. 1000 4. 6. 7. 6. Bought a used backhoe from Digger's Equipment, $5,300, paying $3,000 in cash and placing the balance on account, Inv. No. 4166, Ck. No. 1001 10 Bought liability insurance for one year, $1,800, Ck. No. 1002 13 Sold landscaping services on account to C. Endel, $2,832, Inv. No. 100 14 Bought supplies on account from Office Requip, $380, Inv. No. 5172 15 Sold landscaping services on account to C. Endel, $2,832, Inv. No. 101 17 Received and paid the bill from Commercial Services for gas and oil for the equipment, $180, Ck. No. 100 19 Sold landscaping services for cash to Riston Company, $1,864, Inv. No. 102 22 Paid on account to Tow Sales, $500, Inv. No. 314, Ck. No. 1004 24 Received on account from Fredkey's, $800, Inv. No. 100 28 Sold landscaping services on account to Stevens, Inc., $1,830, Inv. No. 103 29 Received and paid the telephone bill, $260, Ck. No. 1005 30 Paid the salary of the employee, $1,850, Ck. No. 1006 31 Lara withdrew cash for his personal use, $1,500, Ck. No. 1007
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Need help with questions 29,30, and 31. Thanks!
Transcribed Image Text:General Ledger
Account:
Item
P.R.
Debit
Credit
Date
Deb
General Ledger
Account:
Date
Item
P.R.
Debit
Credit
Deb
Transcribed Image Text:(1) Journalize the transactions in the general journal. Provide a brief explanation for each entry
(2) Post the journal entries to the general ledger accounts
Chart of Accounts
Assets
Revenue
111 Cash
411 Landscape Income
113 Accounts Receivable
115
Supplies
Expenses
117 Prepaid Insurance
511 Salary Expense
124 Equipment
512 Rent Expense
Liabilities
513 Gas & Oil Expense
221 Accounts Payable
514 Utilities Expense
Owner's Equity
311 J. Lara, Capital
312 J. Lara, Drawing
March
Owner, J. Lara, deposited $35,000 in a bank account in the name of the business
Lara invested his personal landscaping equipment, with a fair market value of $1,325, in the business
Bought a used trailer on account from Tow Sales, $915, Inv. No. 314
Paid the rent for the current month, $950, Ck. No. 1000
9 Bought a used backhoe from Digger's Equipment, $5,300, paying $3,000 in cash and placing the balance
4
6.
on account, Inv. No. 4166, Ck. No. 1001
10 Bought liability insurance for one year, $1,800, Ck. No. 1002
13 Sold landscaping services on account to C. Endel, $2,832, Inv. No. 100
14 Bought supplies on account from Office Requip, $380, Inv. No. 5172
15 Sold landscaping services on account to C. Endel, $2,832, Inv. No. 101
17 Received and paid the bill from Commercial Services for gas and oil for the equipment, $180, Ck. No. 1003
19 Sold landscaping services for cash to Riston Company, $1,864, Inv. No. 102
22 Paid on account to Tow Sales, $500, Inv. No. 314, Ck. No. 1004
24 Received on account from Fredkey's, $800, Inv. No. 100
28 Sold landscaping services on account to Stevens, Inc., $1,830, Inv. No. 103
29 Received and paid the telephone bill, $260, Ck. No. 1005
30 Paid the salary of the employee, $1,850, Ck. No. 1006
31 Lara withdrew cash for his personal use, $1,500, Ck. No. 1007
Expert Solution
Step 1 General Introduction
Journal entries are made to record all business transactions in a systematic way by debiting one account and crediting another account. Journal entries are the foundation in preparation of final accounts.
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