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Required: 1. Post each entry to the appropriate ledger accounts.

Required: 1. Post each entry to the appropriate ledger accounts.

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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Donegan's Lawn Care Service began operations in July 2011. The company engaged in the following transactions during its first month of operations: July 18 Issued 500 shares of capital stock to Patrick Donegan for $1,500. july 22 Purchased office supplies on account for $100. july 23 Purchased mowing equipment for $2,000, paying $400 cash and issuing a 60-day note payable for the remaining balance. july 24 Paid $25 cash for gasoline. All of this fuel will be used in July. july 25 Billed Lost Creek Cemetery $ 150 for mowing services. The entire amount is due July 30. july 26 Billed Golf View Condominiums $200 for mowing services. The entire amount is due August 1. july 27 The owner borrowed $1,000 from a local bank for personal use. july 30 Collected $150 from Lost Creek Cemetery for mowing services provided on July 25. july 31 Paid $80 salary to employee Teddy Grimm for work performed in July. Question to answer: In Jan 2011, Michael McBryan and family started Overnight Auto Service Corporation. A summary of Overnight Auto Service transactions completed through Jan 2011 follows: Required: 1. Post each entry to the appropriate ledger accounts.
Transcribed Image Text:Donegan's Lawn Care Service began operations in July 2011. The company engaged in the following transactions during its first month of operations: July 18 Issued 500 shares of capital stock to Patrick Donegan for $1,500. july 22 Purchased office supplies on account for $100. july 23 Purchased mowing equipment for $2,000, paying $400 cash and issuing a 60-day note payable for the remaining balance. july 24 Paid $25 cash for gasoline. All of this fuel will be used in July. july 25 Billed Lost Creek Cemetery $ 150 for mowing services. The entire amount is due July 30. july 26 Billed Golf View Condominiums $200 for mowing services. The entire amount is due August 1. july 27 The owner borrowed $1,000 from a local bank for personal use. july 30 Collected $150 from Lost Creek Cemetery for mowing services provided on July 25. july 31 Paid $80 salary to employee Teddy Grimm for work performed in July. Question to answer: In Jan 2011, Michael McBryan and family started Overnight Auto Service Corporation. A summary of Overnight Auto Service transactions completed through Jan 2011 follows: Required: 1. Post each entry to the appropriate ledger accounts.
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