Thefollowing are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations.a. The firm was organized and the initial stockholders invested cash of $720.b. The company borrowed $1,080 from a relative of one of the initial stockholders; a short-term note was signed.c. Two zero-turn lawn mowers costing $576 each and a professional trimmer costing $156 were purchased for cash. The original listprice of each mower was $732, but a discount was received because the seller was having a sale.d. Gasoline, oil, and several packages of trash bags were purchased for cash of $108.e. Advertising flyers announcing the formation of the business and a newspaper ad were purchased. The cost of these items, $204,will be paid in 30 days.f. During the first two weeks of operations, 47 lawns were mowed. The total revenue for this work was $846; $558 was collected incash, and the balance will be received within 30 days.g. Employees were paid $504 for their work during the first two weeks.h. Additional gasoline, oil, and trash bags costing $132 were purchased for cash.i. In the last two weeks of the first month, revenues totaled $1,104, of which $450 was collected.j. Employee wages for the last two weeks totaled $612; these will be paid during the first week of the next month.k. It was determined that at the end of the month the cost of the gasoline, oil, and trash bags still on hand was $36.I. Customers paid a total of $180 due from mowing services provided during the first two weeks. The revenue for these services wasrecognized in transaction f.Required:a. Record each transaction in the appropriate columns. Indicate the financial statement effect.h Calculate the total assets liahilities and owners' equity at the end of the month and calculate the amount of net income for the< Prev3 of 10hpNext >Feb 263:56 2 Record each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negativeSTOCKHOLDERS' EQUITYTransactiona.b.C.d.e.f.g.h.i.j.k.I.Cash7201,080(108)558(132)450ASSETSAccounts+Receivable + Supplies +1802,748 +0 +0 +Equipment< Prev0 =3 of 10MLIABILITIESNotesPayableH+0 +AccountsPayableRequired ANext >+Paid-in Retained+ Capital + Earnings +7200 +720 +0 +Required B >Revenue01-1ExpensesFeb 26

Record each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative Transaction a. b. C. d. e. f. g. h. i. j. k. I. Cash 720 1,080 (108) 558 (132) 450 + 180 2,748 + ASSETS Accounts Receivable + Supplies + Equipment 0+ 0 + 0 = LIABILITIES Notes Payable 4 0+ Accounts Payable + Required A Pald-in + Capital 720 0+ 720 + STOCKHOLDERS' EQUITY Retained Earnings + Revenue 0+ Required B > Expenses

Record each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative Transaction a. b. C. d. e. f. g. h. i. j. k. I. Cash 720 1,080 (108) 558 (132) 450 + 180 2,748 + ASSETS Accounts Receivable + Supplies + Equipment 0+ 0 + 0 = LIABILITIES Notes Payable 4 0+ Accounts Payable + Required A Pald-in + Capital 720 0+ 720 + STOCKHOLDERS' EQUITY Retained Earnings + Revenue 0+ Required B > Expenses

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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