Homework Help is Here – Start Your Trial Now!
Business
Accounting
QS 2-6 Analyzing transactlons and preparlng Journal entrles LO P1 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 3O, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. General Journal Analyze T accounts For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Liabilities Equity Is 116,000 116,000 V i+ %3D a. IS 116,440 X IS 440 V 116,000 X +. b. %3D Is 125,040 X= 440 X 124,600 X C. 126,840 X 2,240 + 124,600 X d. %3D Analyte General Journal>

QS 2-6 Analyzing transactlons and preparlng Journal entrles LO P1 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 3O, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. General Journal Analyze T accounts For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Liabilities Equity Is 116,000 116,000 V i+ %3D a. IS 116,440 X IS 440 V 116,000 X +. b. %3D Is 125,040 X= 440 X 124,600 X C. 126,840 X 2,240 + 124,600 X d. %3D Analyte General Journal>

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter2: Analyzing Transactions Into Debit And Credit Parts
Section: Chapter Questions
Problem 1CP
See similar textbooks
icon
Related questions
Question
Please help correct
QS 2-6 Analyzlng transactlons and preparing Journal entrles LO P1 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. XAnswer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. General Journal Analyze T accounts For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Liabilities Equity IS 116,000 V 116,000 a. IS 116,440 X = 440 116,000 X b. IS 125,040 X Is 440 X + 124,600 X C. 126,840 X 2,240 X+ 124,600 X d. 4Analyze General Journal
Transcribed Image Text:QS 2-6 Analyzlng transactlons and preparing Journal entrles LO P1 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. XAnswer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. General Journal Analyze T accounts For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.) Assets Liabilities Equity IS 116,000 V 116,000 a. IS 116,440 X = 440 116,000 X b. IS 125,040 X Is 440 X + 124,600 X C. 126,840 X 2,240 X+ 124,600 X d. 4Analyze General Journal
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS