7. Using the information provided, analyze the effects of Lotta Lawn Service's transactions on the accounting equation. iew 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 th ccounting equation. (Complete only the necessary input fields 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 alance accounts, entering a 0 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 5/1 5/3 Bal. 5/5 Bal. 5/17 Bal. 5/28 Bal. Cash + + + + + + + Accounts +Equipment = Receivable + + + + + + + = = = = Accounts Payable Contr. Capital + Common Stock + + + + + + + + - Retained Earnings Dividends + Service Revenue + + + + + Gas Expense Transactions May 1 May 3 May 5 May 17 May 28 Received $3,000 and issued common stock. Purchased a mower on account, $1,800. Performed lawn services for client on account, $600. Paid $90 cash for gas used in mower. Paid cash dividends of $1,000. Print Done - X
7. Using the information provided, analyze the effects of Lotta Lawn Service's transactions on the accounting equation. iew 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 th ccounting equation. (Complete only the necessary input fields 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 alance accounts, entering a 0 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 5/1 5/3 Bal. 5/5 Bal. 5/17 Bal. 5/28 Bal. Cash + + + + + + + Accounts +Equipment = Receivable + + + + + + + = = = = Accounts Payable Contr. Capital + Common Stock + + + + + + + + - Retained Earnings Dividends + Service Revenue + + + + + Gas Expense Transactions May 1 May 3 May 5 May 17 May 28 Received $3,000 and issued common stock. Purchased a mower on account, $1,800. Performed lawn services for client on account, $600. Paid $90 cash for gas used in mower. Paid cash dividends of $1,000. Print Done - X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:17. Using the information provided, analyze the effects of Lotta Lawn Service's transactions on the accounting equation.
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 input fields 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 0 for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviation used: Contr. = Contributed; Liab. = Liabilities.)
ASSETS
5/1
5/3
Bal.
5/5
Bal.
5/17
Bal.
5/28
Bal.
Cash
+
+
+
+
+ + + + +
Accounts + Equipment
Receivable
+
+
+
+ + + + +
=
|| || || || || || || || ||
LIAB.
+
Accounts +
Payable
+
+
+ + + + +
Contr.
Capital
Common
Stock
+
EQUITY
Retained Earnings
Service
Revenue
Dividends +
+
+
Gas
Expense
Transactions
May 1
May 3
May 5
May 17
May 28
Received $3,000 and issued common stock.
Purchased a mower on account, $1,800.
Performed lawn services for client on account, $600.
Paid $90 cash for gas used in mower.
Paid cash dividends of $1,000.
Print
Done
X
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