For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3)post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers inparentheses: Cash (101): Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201):Unearned Landscaping Revenue (236); Common Stock (307): Dividends (319); Landscaping Revenue (403): Wages Expense (601), andLandscaping Expense (696).a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $88,000 in cash along with equipmenthaving a $48,000 value in exchange for common stock.b. On May 21, Elegant Lawns purchases office supplies on credit for $640.c. On May 25, Elegant Lawns receives $9,600 cash for performing landscaping services.d. On May 30, Elegant Lawns receives $2,800 cash in advance of providing landscaping services to a customer.Complete this question by entering your answers in the tabs below.GeneralJournalAnalyzeT accountsFor each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)AssetsLiebilitiesEquityb.d.General Jaurnal>

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Description: For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3)post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-acc

Effect of the transactions are given below:

Business

Accounting

Complete this question by entering your answers in the tabs below. General Analyze Taccounts Joumal For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Lisbilities Equity b. d.

Complete this question by entering your answers in the tabs below. General Analyze Taccounts Joumal For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Lisbilities Equity b. d.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3)
post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts-account numbers in
parentheses: Cash (101): Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201):
Unearned Landscaping Revenue (236); Common Stock (307): Dividends (319); Landscaping Revenue (403): Wages Expense (601), and
Landscaping Expense (696).
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $88,000 in cash along with equipment
having a $48,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $640.
c. On May 25, Elegant Lawns receives $9,600 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $2,800 cash in advance of providing landscaping services to a customer.
Complete this question by entering your answers in the tabs below.
General
Journal
Analyze
T accounts
For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)
Assets
Liebilities
Equity
b.
d.
General Jaurnal>

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