Exercise 4-10 (Part Level Submission) Pearl Lawn Service entered into the follow
ID: 2339615 • Letter: E
Question
Exercise 4-10 (Part Level Submission) Pearl Lawn Service entered into the following transactions during 2017, its first year of operations: 1. Collected $13,000 in cash from shareholders 2. Borrowed $4,500 from a bank. 3. Purchased two parcels of land for a total of $9,800 4. Paid $4,900 to rent lawn equipment for the remainder of the year 5. Provided lawn services, receiving $10,600 in cash and $4,000 in receivables 6. Paid miscellaneous expenses of $4,400 7. Sold one parcel of land with a cost of $2,700 for $2,520 8. Paid a $2,200 dividend to the shareholders (a) Show how each transaction affected the fundamental accounting equation Asset Accounts Receivable Liabilities Shareholders' Equity Trans Cash Land Notes Payable Common StockRetained Earnings 4 7 Total Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXTLINK TO TEXT (b1) The parts of this question must be completed in order. This part will be available when you complete the part above. (b2) The parts of this question must be completed in order. This part will be available when you complete the part above. (b3) The parts of this question must be completed in order. This part will be available when you complete the part above. (b4)Explanation / Answer
Cash + Accounts Rec. + Land = Notes payable + Common Stock + Retained earnings 1 $ 13,000.00 $ 13,000.00 2 $ 4,500.00 $ 4,500.00 3 $ -9,800.00 $ 9,800.00 4 $ -4,900.00 $ -4,900.00 5 $ 10,600.00 $ 4,000.00 $ 14,600.00 6 $ -4,400.00 $ -4,400.00 7 $ 2,520.00 $ -2,700.00 $ -180.00 8 $ -2,200.00 $ -2,200.00 $ 9,320.00 $ 4,000.00 $ 7,100.00 $ 4,500.00 $ 13,000.00 $ 2,920.00
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