whats wrong with it? a. On May 15, DeShawn Tyler opens a landscaping company cal

Question

whats wrong with it?

a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $85,000 in cash along with equipment having a $45,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $580. c. On May 25, Elegant Lawns receives $9,300 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,500 cash in advance of providing landscaping services to a customer 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).

Explanation / Answer

Solution 1:

Solution 2:

Solution 3:

Accounting Equation Event Assets = Liabilities + Equity a $130,000.00 $130,000.00 b $580.00 $580.00 c $9,300.00 $9,300.00 d $2,500.00 $2,500.00

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