The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. A. The firm was organized and the initial stockholders invested cash of $12,000. B. The company borrowed $18,000 from a relative of one of the initial stockholders; a short-term note was signed. C. Two zero-turn lawn mowers costing $7,600 each and a professional trimmer costing $2,600 were purchased for cash. The original list price of each mower was $10,200, but a discount was received because the seller was having a sale. D. Gasoline, oil, and several packages of trash bags were purchased for cash of $1,800. E. Advertising flyers announcing the formation of the business and a newspaper ad were purchased. The cost of these items, $3,400, will be paid in 30 days. F. During the first two weeks of operations, 94 lawns were mowed. The total revenue for this work was $14,100; $9,300 was collected in cash, and the balance will be received within 30 days. G. Employees were paid $8,400 for their work during the first two weeks. H. Additional gasoline, oil, and trash bags costing $2,200 were purchased for cash. I. In the last two weeks of the first month, revenues totaled $18,400, of which $7,500 was collected. J. Employee wages for the last two weeks totaled $10,200; these will be paid during the first week of the next month. K. It was determined that at the end of the month the cost of the gasoline, oil, and trash bags still on hand was $600. L. Customers paid a total of $3,000 due from mowing services provided during the first two weeks. The revenue for these services was recognized in transaction f. No Transaction General Journal Debit Credit 1 a. Cash 12,000 2 b. Cash 18,000 Note payable 18,000 3 c. Equipment 17,800 Cash 17,800 4 d. Supplies 1,800 Cash 1,800 5 e. Advertising expense 3,400 Accounts payable 3,400 6 f. Cash 9,300 Accounts receivable 4,800 Service revenue 14,100 7 g. Wages expense 8,400 8,400 8 h. Supplies 2,200 Cash 2,200 9 i. Cash 7,500 Accounts receivable 10,900 Service revenue 18,400 10 j. Wages expense 10,200 Wages payable 10,200 11 k. Supplies expense 3,400 Supplies 3,400 12 l. Cash 3,000 Accounts receivable 3,000 I put these values in but it still says that the answer isn't complete, what am I missing?
The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations.
A. The firm was organized and the initial stockholders invested cash of $12,000.
B. The company borrowed $18,000 from a relative of one of the initial stockholders; a short-term note was signed.
C. Two zero-turn lawn mowers costing $7,600 each and a professional trimmer costing $2,600 were purchased for cash. The original list price of each mower was $10,200, but a discount was received because the seller was having a sale.
D. Gasoline, oil, and several packages of trash bags were purchased for cash of $1,800.
E. Advertising flyers announcing the formation of the business and a newspaper ad were purchased. The cost of these items, $3,400, will be paid in 30 days.
F. During the first two weeks of operations, 94 lawns were mowed. The total revenue for this work was $14,100; $9,300 was collected in cash, and the balance will be received within 30 days.
G. Employees were paid $8,400 for their work during the first two weeks.
H. Additional gasoline, oil, and trash bags costing $2,200 were purchased for cash.
I. In the last two weeks of the first month, revenues totaled $18,400, of which $7,500 was collected.
J. Employee wages for the last two weeks totaled $10,200; these will be paid during the first week of the next month.
K. It was determined that at the end of the month the cost of the gasoline, oil, and trash bags still on hand was $600.
L. Customers paid a total of $3,000 due from mowing services provided during the first two weeks. The revenue for these services was recognized in transaction f.
| No | Transaction | General Journal | Debit | Credit |
|---|---|---|---|---|
| 1 | a. | Cash | 12,000 | |
| 2 | b. | Cash | 18,000 | |
| Note payable | 18,000 | |||
| 3 | c. | Equipment | 17,800 | |
| Cash | 17,800 | |||
| 4 | d. | Supplies | 1,800 | |
| Cash | 1,800 | |||
| 5 | e. | Advertising expense | 3,400 | |
| Accounts payable | 3,400 | |||
| 6 | f. | Cash | 9,300 | |
| Accounts receivable | 4,800 | |||
| Service revenue | 14,100 | |||
| 7 | g. | Wages expense | 8,400 | |
| 8,400 | ||||
| 8 | h. | Supplies | 2,200 | |
| Cash | 2,200 | |||
| 9 | i. | Cash | 7,500 | |
| Accounts receivable | 10,900 | |||
| Service revenue | 18,400 | |||
| 10 | j. | Wages expense | 10,200 | |
| Wages payable | 10,200 | |||
| 11 | k. | Supplies expense | 3,400 | |
| Supplies | 3,400 | |||
| 12 | l. | Cash | 3,000 | |
| Accounts receivable | 3,000 |
I put these values in but it still says that the answer isn't complete, what am I missing?
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