For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (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): Office Supplies (124): Trucks (153): Equipment (167): Accounts Payable (201): Unearned Landscaping Revenue (236): Common Stock (307): Dividends (319): 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 $78.000 in cash along with equipment having a $38.000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $440. c. On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,800 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, and (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): Office Supplies (124): Trucks (153): Equipment (167): Accounts Payable (201): Unearned Landscaping Revenue (236): Common Stock (307): Dividends (319): 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 $78.000 in cash along with equipment having a $38.000 value in exchange for common stock. b. On May 21, Elegant Lawns purchases office supplies on credit for $440. c. On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 3PB: Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers)...
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