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QS 2-6 Analyzing transactlons and preparlng Journal entrles LO P1 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 $78.000 in cash along with equipment having a $38,.000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $440. c. On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services. d. On May 3O, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer. X Answer is complete but not entirely correct. 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 Is 116,000 116,000 V i+ %3D a. IS 116,440 X IS 440 V 116,000 X +. b. %3D Is 125,040 X= 440 X 124,600 X C. 126,840 X 2,240 + 124,600 X d. %3D Analyte General Journal>

QS 2-6 Analyzing transactlons and preparlng Journal entrles LO P1 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 $78.000 in cash along with equipment having a $38,.000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $440. c. On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services. d. On May 3O, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer. X Answer is complete but not entirely correct. 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 Is 116,000 116,000 V i+ %3D a. IS 116,440 X IS 440 V 116,000 X +. b. %3D Is 125,040 X= 440 X 124,600 X C. 126,840 X 2,240 + 124,600 X d. %3D Analyte General Journal>

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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QS 2-6 Analyzlng transactlons and preparing Journal entrles LO P1 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 $78,000 in cash along with equipment having a $38,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $440. c. On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer. XAnswer is complete but not entirely correct. 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 IS 116,000 V 116,000 a. IS 116,440 X = 440 116,000 X b. IS 125,040 X Is 440 X + 124,600 X C. 126,840 X 2,240 X+ 124,600 X d. 4Analyze General Journal
Transcribed Image Text:QS 2-6 Analyzlng transactlons and preparing Journal entrles LO P1 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 $78,000 in cash along with equipment having a $38,000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $440. c. On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer. XAnswer is complete but not entirely correct. 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 IS 116,000 V 116,000 a. IS 116,440 X = 440 116,000 X b. IS 125,040 X Is 440 X + 124,600 X C. 126,840 X 2,240 X+ 124,600 X d. 4Analyze General Journal
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