The following transactions were completed in the month of March, 20X3. Please us

Question

The following transactions were completed in the month of March, 20X3. Please use the appropriate accounts in the attached Chart of Accounts. Day 1 Khandan deposited $20,000 in a bank account in the name of the business. 1 Paid the rent for the 3 months, $2,100 1 Khandan invested her personal Hauling equipment, with a fair market value of $1,600 in the business. The equipment has a life expectancy of 5 years. 1 Purchased a used Truck on account from Jean Sales, for $2,160. The life expectancy of the trailer is 3 years. 1 Purchased a used Crane from Earth Equipment for $8,500, paying $4,000 in cash and placing the balance on account; the Crane has life expectancy of 4 years 10 Purchased Liability insurance for one year, $1,800 13 Sold landscaping services on account to Leah Corp., $1,225 13 Purchased supplies for $200, 40% was cash 14 Purchased supplies on account from Parra George, $2,500 15 Sold Landscaping services on account to Gloria Inc, $4,845 17 Received and paid the bill from Tonya Inc. for gas and oil for the equipment, $84 19 Sold landscaping services for cash to Jonathan Company, $2,700 22 Paid on account - Jean Sales, a creditor, $600 24 Received on account from Leah Corp, a customer, $500 28 Sold landscaping services on account to Rayna Corp., $1,626 29 Received and paid the telephone bill, $184 29 Received the utilities bill, $200 30 Paid the salary of the employee, $3,200 31 Khandan withdrew cash for her personal use, $1,300 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 131 Prepaid Rent 153 Trucks 154 Accumulated Depreciation - Trucks 167 Hauling Equipment 168 Accumulated Depreciation - Hauling Equipment 173 Crane 174 Accumulated Depreciation - Crane 201 Accounts Payable 301 Khandan Miller - Capital 302 Khandan Miller - Owner Withdrawals 401 Landscape Services 611 Depreciation Expense - Trucks 612 Depreciation Expense - Hauling Equipment 614 Depreciation Expense - Crane 622 Salary Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 671 Gas & Oil Expense 688 Telephone Expense 690 Utility Expense Khandan Miller Landscape Services General Ledger                             Cash Acct. No. 101 Date      Explanation PR Debit Credit Balance Accounts Receivable Acct. No. 106 Date      Explanation PR Debit Credit Balance Office Supplies Acct. No. 124 Date      Explanation PR Debit Credit Balance Prepaid Insurance Acct. No. 128 Date      Explanation PR Debit Credit Balance Prepaid Rent Acct. No. 131 Date      Explanation PR Debit Credit Balance Trucks Acct. No. 153 Date      Explanation PR Debit Credit Balance Accumulated Depreciation - Trucks Acct. No. 154 Date      Explanation PR Debit Credit Balance Hauling Equipment Acct. No. 167 Date      Explanation PR Debit Credit Balance Accumulated Depreciation - Hauling Equipment Acct. No. 168 Date      Explanation PR Debit Credit Balance Crane Acct. No. 173 Date      Explanation PR Debit Credit Balance Accumulated Depreciation - Crane Acct. No 174 Date      Explanation PR Debit Credit Balance Accounts Payable Acct. No. 201 Date      Explanation PR Debit Credit Balance Khandan Miller - Capital Acct. No. 301 Date      Explanation PR Debit Credit Balance Khandan Miller - Withdrawals Acct. No. 302 Date      Explanation PR Debit Credit Balance Landscape Services Revenue Acct. No. 401 Date      Explanation PR Debit Credit Balance Depreciation Expense - Trucks Acct. No. 611 Date      Explanation PR Debit Credit Balance Depreciation Expense - Hauling Equipment Acct. No. 612 Date      Explanation PR Debit Credit Balance Depreciation Expense - Crane Acct. No. 612 Date      Explanation PR Debit Credit Balance Salary Expense Acct. No. 622 Date      Explanation PR Debit Credit Balance Insurance Expense Acct. No. 637 Date      Explanation PR Debit Credit Balance Rent Expense Acct. No. 640 Date      Explanation PR Debit Credit Balance Office Supplies Expense Acct. No. 650 Date      Explanation PR Debit Credit Balance Gas & Oil Expense Acct. No. 671 Date      Explanation PR Debit Credit Balance Telephone Expense Acct. No. 688 Date      Explanation PR Debit Credit Balance Utility Expense Acct. No. 690 Date      Explanation PR Debit Credit Balance Income Summary Acct. No. 901 Date      Explanation PR Debit Credit Balance The following transactions were completed in the month of March, 20X3. Please use the appropriate accounts in the attached Chart of Accounts. Day 1 Khandan deposited $20,000 in a bank account in the name of the business. 1 Paid the rent for the 3 months, $2,100 1 Khandan invested her personal Hauling equipment, with a fair market value of $1,600 in the business. The equipment has a life expectancy of 5 years. 1 Purchased a used Truck on account from Jean Sales, for $2,160. The life expectancy of the trailer is 3 years. 1 Purchased a used Crane from Earth Equipment for $8,500, paying $4,000 in cash and placing the balance on account; the Crane has life expectancy of 4 years 10 Purchased Liability insurance for one year, $1,800 13 Sold landscaping services on account to Leah Corp., $1,225 13 Purchased supplies for $200, 40% was cash 14 Purchased supplies on account from Parra George, $2,500 15 Sold Landscaping services on account to Gloria Inc, $4,845 17 Received and paid the bill from Tonya Inc. for gas and oil for the equipment, $84 19 Sold landscaping services for cash to Jonathan Company, $2,700 22 Paid on account - Jean Sales, a creditor, $600 24 Received on account from Leah Corp, a customer, $500 28 Sold landscaping services on account to Rayna Corp., $1,626 29 Received and paid the telephone bill, $184 29 Received the utilities bill, $200 30 Paid the salary of the employee, $3,200 31 Khandan withdrew cash for her personal use, $1,300

Explanation / Answer

Ledgers are prepared as under:

Khandan Miller Landscape Services General Ledger                             Cash Acct. No. 101 Date      Explanation PR Debit Credit Balance Day 1 Deposited in Bank account 20,000 Day 1 Rent Paid 2,100 Day 1 Crane purchased 4,000 Day 10 Liability insurance purchased 1,800 Day 17 Gas and Oil for equipment 84 Day 19 Landscaping services sold 2,700 Day 22 Paid to Jean sales 600 Day 24 Received from customer 500 Day 29 Telephone bill paid 184 Day 29 Utilities bill paid 200 Day 30 Salary paid 3,200 Day 31 Cash withdrawn 1,300 Accounts Receivable Acct. No. 106 Date      Explanation PR Debit Credit Balance Day 24 Received from customer 500 Day 28 Sold landscape services 1,626 Office Supplies Acct. No. 124 Date      Explanation PR Debit Credit Balance Prepaid Insurance Acct. No. 128 Date      Explanation PR Debit Credit Balance Prepaid Rent Acct. No. 131 Date      Explanation PR Debit Credit Balance Trucks Acct. No. 153 Date      Explanation PR Debit Credit Balance Day 1 Truck purchased 2,160 Accumulated Depreciation - Trucks Acct. No. 154 Date      Explanation PR Debit Credit Balance Hauling Equipment Acct. No. 167 Date      Explanation PR Debit Credit Balance Accumulated Depreciation - Hauling Equipment Acct. No. 168 Date      Explanation PR Debit Credit Balance Day 1 Hauling equipment invested 1,600 Crane Acct. No. 173 Date      Explanation PR Debit Credit Balance Day 1 Crane purchased 8,500 Accumulated Depreciation - Crane Acct. No 174 Date      Explanation PR Debit Credit Balance Accounts Payable Acct. No. 201 Date      Explanation PR Debit Credit Balance Day 1 Truck purchased 2,160 Day 1 Crane purchased 4,500 Day 22 Paid to Jean sales 600 Khandan Miller - Capital Acct. No. 301 Date      Explanation PR Debit Credit Balance Day 1 Deposited in Bank account 20,000 Day 1 Hauling equipment invested 1,600 Khandan Miller - Withdrawals Acct. No. 302 Date      Explanation PR Debit Credit Balance Day 31 Cash withdrawn 1,300 Landscape Services Revenue Acct. No. 401 Date      Explanation PR Debit Credit Balance Day 19 Landscaping services sold 2,700 Day 28 Sold landscape services 1,626 Depreciation Expense - Trucks Acct. No. 611 Date      Explanation PR Debit Credit Balance Depreciation Expense - Hauling Equipment Acct. No. 612 Date      Explanation PR Debit Credit Balance Depreciation Expense - Crane Acct. No. 612 Date      Explanation PR Debit Credit Balance Salary Expense Acct. No. 622 Date      Explanation PR Debit Credit Balance Day 30 Salary paid 3,200 Insurance Expense Acct. No. 637 Date      Explanation PR Debit Credit Balance Day 10 Liability insurance purchased 1,800 Rent Expense Acct. No. 640 Date      Explanation PR Debit Credit Balance Day 1 Rent Paid 2,100 Office Supplies Expense Acct. No. 650 Date      Explanation PR Debit Credit Balance Gas & Oil Expense Acct. No. 671 Date      Explanation PR Debit Credit Balance Day 17 Gas and Oil for equipment 84 Telephone Expense Acct. No. 688 Date      Explanation PR Debit Credit Balance Day 29 Telephone bill paid 184 Utility Expense Acct. No. 690 Date      Explanation PR Debit Credit Balance Day 29 Utilities bill paid 200

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