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Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help with questions 29,30, and 31. Thanks!

General Ledger Account: Item P.R. Debit Credit Date Deb General Ledger Account: Date Item P.R. Debit Credit Deb
Transcribed Image Text:General Ledger Account: Item P.R. Debit Credit Date Deb General Ledger Account: Date Item P.R. Debit Credit Deb
(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
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
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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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