2QS 2-8 (Algo) Analyzing transactions and preparing journal entries LO A1For 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 inparentheses: 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 $75,000 in cash along withequipment having a $35,000 value in exchange for common stock.b. On May 21, Elegant Lawns purchases office supplies on credit for $380.c. On May 25, Elegant Lawns receives $8,300 cash for performing landscaping services.d. On May 30, Elegant Lawns receives $1,500 cash in advance of providing landscaping services to a customer.Complete this question by entering your answers in the tabs below.Analyzea.For each of the above transaction, analyze the transaction using the accounting equation.Note: Enter total amounts only.b.GeneralJournalC.d.AssetsT accounts= Liabilities +=+++EquityCheck my work< AnalyzeGeneral Journal >

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)

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)

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

Section: Chapter Questions

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

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2
QS 2-8 (Algo) Analyzing transactions and preparing journal entries LO A1
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 $75,000 in cash along with
equipment having a $35,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $380.
c. On May 25, Elegant Lawns receives $8,300 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,500 cash in advance of providing landscaping services to a customer.
Complete this question by entering your answers in the tabs below.
Analyze
a.
For each of the above transaction, analyze the transaction using the accounting equation.
Note: Enter total amounts only.
b.
General
Journal
C.
d.
Assets
T accounts
= Liabilities +
=
+
+
+
Equity
Check my work
< Analyze
General Journal >

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