During June, Grass is Greener Company mows 100 lawns a week and is paid in July by those customers.  The company uses accrual basis accounting.  How will these events affect the company’s financial statements? Group of answer choices A. The income statement shows the effects of the transactions in July. B. The balance sheet shows no effect from the transactions in June. C. The transactions have no effect on the balance sheet. D. The income statement shows the effects of the transactions in June.

Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $3,900; Prepaid Rent, $7,400; Accounts Payable $4,300; Common Stock, $40,000; Service Revenue, $25,400; Salaries Expense, $8,200; Accounts Receivable, $6,100; Land, $60,000; Deferred Revenue, $2,300; Retained Earnings, $23,000; Supplies Expense, $9,400. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders’ equity, revenues, and expenses.

For the year ended December 31, a company has revenues of $334,000 and expenses of $204,500. The owner withdrew $56,800 during the year. The balance in the owner's capital account before closing is $98,000. Which of the following entries would be used to close the withdrawal account? Multiple Choice Debit Owner's Capital $98,000; credit Income Summary $98,000. Debit Income Summary $98,000, credit Owner's Withdrawals $98,000. Debit Owner's Withdrawals $56,800; credit Owner's Capital $56,800. Debit Income Summary $56,800; credit Owner's, Capital $56,800. Debit Owner's Capital $56,800; credit Owner's Withdrawals $56,800.

Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (–) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in stockholders' equity. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Transactions   (1)   Issued stock in exchange for $20,000 cash on June 1.   (2)   Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days.   (3)   Purchased supplies for $1,200 cash.   (4)   Received a bill from College News for $300 for advertising in the campus newspaper.   (5)   Cash receipts from customers for cleaning and laundry amounted…