Question

For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in...

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); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $77,000 in cash along with equipment having a $37,000 value. On May 21, Elegant Lawns purchases office supplies on credit for $420. On May 25, Elegant Lawns receives $8,500 cash for performing landscaping services. On May 30, Elegant Lawns receives $1,700 cash in advance of providing landscaping services to a customer.'

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
May 15 77,000 May 21 420
May 25 8,500
May 30 1,700
End. bal. 87,200 End. bal. 420
Equipment 167 Accounts Payable 201
Date Amount Date Amount Date Amount Date Amount
May 15 37,000 May 30 420
End. bal. 37,000 End. bal. 420
Unearned Landscaping Revenue 236 D. Tyler, Capital 301
Date Amount Date Amount Date Amount Date Amount
May 30 114,000
End. bal. End. bal. 114,000
Landscaping Revenue 403
Date Amount Date Amount
May 30 8,500
End. bal. 8,500

Homework Answers

Answer #1
Cash 101 Office Supplies 124
Date Amount Date Amount Date Amount Date Amount
May 15 77,000 May 21 420
May 25 8,500
May 30 1,700
End. bal. 87,200 End. bal. 420
Equipment 167 Accounts Payable 201
Date Amount Date Amount Date Amount Date Amount
May 15 37,000 May 21 420
End. bal. 37,000 End. bal. 420
Unearned Landscaping Revenue 236 D. Tyler, Capital 301
Date Amount Date Amount Date Amount Date Amount
May 30 1,700 May 15 114,000
End. bal. 1,700 End. bal. 114,000
Landscaping Revenue 403
Date Amount Date Amount
May 25 8,500
End. bal. 8,500

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