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 $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $500. c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. General Analyze T accounts Journal For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Liabilities +. Equity %3D + Prev 7 of 18 Next >
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 $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $500. c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. General Analyze T accounts Journal For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Liabilities +. Equity %3D + Prev 7 of 18 Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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 $7,000 in cash along with equipment
having a $3,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $500.
c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
Complete this question by entering your answers in the tabs below.
ces
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
%3D
< Prev
7 of 18
Next >
F10
F12](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F921e2b40-68bd-4c49-9f0b-117c05d106ba%2F1943e250-9620-495f-b397-2e0a935b5a1d%2Fso5py5_processed.jpeg&w=3840&q=75)
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 $7,000 in cash along with equipment
having a $3,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $500.
c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
Complete this question by entering your answers in the tabs below.
ces
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
%3D
< Prev
7 of 18
Next >
F10
F12
![a. On ividy 15, DeSnawn Tyier opens a IdnasCaping company Called Elegant LaWNS by investing $7,000 in Casi diong wiu
having a $3,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $50.
c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
Complete this question by entering your answers in the tabs below.
General
Analyze
T accounts
Journal
For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)
Assets
Liabilities
Equity
%3D
a.
+
b.
с.
+
d.
< Analyze
General Journal >
< Prev
7 of 18
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F921e2b40-68bd-4c49-9f0b-117c05d106ba%2F1943e250-9620-495f-b397-2e0a935b5a1d%2F5maheqs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:a. On ividy 15, DeSnawn Tyier opens a IdnasCaping company Called Elegant LaWNS by investing $7,000 in Casi diong wiu
having a $3,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $50.
c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
Complete this question by entering your answers in the tabs below.
General
Analyze
T accounts
Journal
For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)
Assets
Liabilities
Equity
%3D
a.
+
b.
с.
+
d.
< Analyze
General Journal >
< Prev
7 of 18
Next >
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