QS 2-8 (Algo) Analyzing transactions and preparing journal entries LO A1 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); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); 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 $90,000 in cash along with equipment having a $50,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $680. c. On May 25, Elegant Lawns receives $9,800 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $3,000 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. Analyze General Journal T accounts For each of the above transaction, analyze the transaction using the accounting equation. Note: Enter total amounts only. Assets a. b. C. Liabilities Equity
QS 2-8 (Algo) Analyzing transactions and preparing journal entries LO A1 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); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); 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 $90,000 in cash along with equipment having a $50,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $680. c. On May 25, Elegant Lawns receives $9,800 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $3,000 cash in advance of providing landscaping services to a customer. Complete this question by entering your answers in the tabs below. Analyze General Journal T accounts For each of the above transaction, analyze the transaction using the accounting equation. Note: Enter total amounts only. Assets a. b. C. Liabilities Equity
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Transcribed Image Text:QS 2-8 (Algo) Analyzing transactions and preparing journal entries LO A1
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); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); 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 $90,000 in cash along with
equipment having a $50,000 value.
b. On May 21, Elegant Lawns purchases office supplies on credit for $680.
c. On May 25, Elegant Lawns receives $9,800 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $3,000 cash in advance of providing landscaping services to a customer.
Complete this question by entering your answers in the tabs below.
Analyze
General
Journal
T accounts
For each of the above transaction, analyze the transaction using the accounting equation.
Note: Enter total amounts only.
Assets
a.
b.
C.
Liabilities
Equity
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