For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, (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): Offilce Supplies (124): Trucks (153); Equipment (167); Accounts Payable (201): Unearned Landscaping Revenue (236): D. Tyler, Capltal (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 $76,000 in cash along with equipment having a $36,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $400. c. On May 25, Elegant Lawns receives $8,400 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,600 cash in advance of providing landscaping services to a customer.
For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, (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): Offilce Supplies (124): Trucks (153); Equipment (167); Accounts Payable (201): Unearned Landscaping Revenue (236): D. Tyler, Capltal (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 $76,000 in cash along with equipment having a $36,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $400. c. On May 25, Elegant Lawns receives $8,400 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,600 cash in advance of providing landscaping services to a customer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
For each transaction,
(1) analyze the transaction using the
(2) record the transaction in journal
(3) post the entry using T-accounts to represent ledger accounts.
Use the following (partial) chart of accounts-account numbers in parentheses:
Cash (101);
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $76,000 in cash along with equipment
having a $36,000 value.
b. On May 21, Elegant Lawns purchases office supplies on credit for $400.
c. On May 25, Elegant Lawns receives $8,400 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,600 cash in advance of providing landscaping services to a customer.
Transcribed Image Text:Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date selection. For left side T-
account entries you must use a left side date selection.)
Cash 101
Office Supplies 124
Date
Amount
Date
Amount
Date
Amount
Date
Amount
End, bal.
End, bal
Equipment 167
Accounts Payable 201
Date
Amount
Date
Amount
Date
Amount
Date
Amount
End, bal.
End. bal.
Unearned Landscaping Revenue 236
D. Tyler, Capital 301
Date
Amount
Date
Amount
Date
Amount
Date
Amount
End, bal.
End. bal.
Landscaping Revenue 403
Date
Amount
Date
Amount
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
General
Analyze
T accounts
Journal
For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)
Assets
Liabilities
Equity
a.
b.
%3D
с.
d.
%3D
<Analyze
General Journal >
General
Analyze
T accounts
Journal
For each of the above transaction, record the transaction in journal entry form. 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).
Show less A
View transaction list
Journal entry worksheet
2
3
4
On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns
by investing $76,000 in cash along with equipment having a $36,000 value.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
May 15
II
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