Working with transactions For each of the transactions below, 1. Analyze using accounting equation 2. Record the transaction in journal entry form 3. Post the entry using T-accounts. The following accounts are in the Chart of Accounts: Cash, Accounts Receivable, Office Supplies, Trucks, Equipment, Accounts Payable, Unearned Landscaping Revenue, Common Stock, Dividends, Landscaping Revenue, Wages Expense and Landscaping Expense. a.1. a. On May 15, Vazquez opens a landscaping company called Vasquez Lawns by investing $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. a.2. Assets Date a.3. = Liabilities Description Equity Debit 1 Credit

Working with transactions For each of the transactions below, 1. Analyze using accounting equation 2. Record the transaction in journal entry form 3. Post the entry using T-accounts. The following accounts are in the Chart of Accounts: Cash, Accounts Receivable, Office Supplies, Trucks, Equipment, Accounts Payable, Unearned Landscaping Revenue, Common Stock, Dividends, Landscaping Revenue, Wages Expense and Landscaping Expense. a.1. a. On May 15, Vazquez opens a landscaping company called Vasquez Lawns by investing $7,000 in cash along with equipment having a $3,000 value in exchange for common stock. a.2. Assets Date a.3. = Liabilities Description Equity Debit 1 Credit

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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