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 $74,000 in cash along with equipment having a $34,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $360. c. On May 25, Elegant Lawns receives $8,200 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,400 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, record the transaction in journal entry form. Use the following (partial) chart of accounts-account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Pavable (201): Unearned Landscaping Revenue (236): Comnmon Stock (307): Dividends (319): Landscaping Revenue (403): Wages

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 $74,000 in cash along with equipment
having a $34,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $360.
c. On May 25, Elegant Lawns receives $8,200 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,400 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, record the transaction in journal entry form. 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).
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Journal entry worksheet
1
4.
On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns
by investing $74,000 in cash along with equipment having a $34,000 value in
exchange for common stock.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
May 15
Record entry
Clear entry
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Bookkeeping:

Bookkeeping alludes to the most common way of checking the monetary exchanges of an association or person. Staying with books and setting up its fiscal summaries and assessment reports are all important for bookkeeping. Bookkeepers are answerable for giving precise, cutting-edge monetary data about a business.

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