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 3O, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
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 3O, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2
 alt="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 $50O.
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
Journal
Analyze
T accounts
For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)
Assets
Liabilities
Equity
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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 $50O.
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
Journal
Analyze
T accounts
For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)
Assets
Liabilities
Equity
< Prev
7 of 18
Next >
12:59 PM
3/28/2022
Fn
Lock
Insert
Prt Sc
F7
F9
F10
F1
F12
F8
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