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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.)

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.)

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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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 $89,000 in cash along with equipment having a $49,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $660. c. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,900 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 Liabilities Equity a. b. C. d. Anelyza General Journal >
Transcribed Image Text: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 $89,000 in cash along with equipment having a $49,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $660. c. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,900 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 Liabilities Equity a. b. C. d. Anelyza General Journal >
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