Instrustions: Statement of owners quity The following transactions were complete

Question

Instrustions:

Statement of owners quity

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

Sr. No Particulars Debit Credit 1 Bank 20000 To Khandan Miller - Capital 20000 1 Rent exp 2100 To bank 2100 1 Equipment 1600 To Khandan miller - capital 1600 1 Truck 2160 To accounts payable 2160 1 Earth Equipment 8500 To cash 4000 To accounts payable 4500 10 Insurance expense 1800 To cash 1800 13 Accounts receivable 1225 To landscaping services 1225 13 Supplies 200 To cash 80 To accounts payable 120 14 Supplies 2500 To accounts payable 2500 15 Accounts receivable 4845 To Landscaping Services 4845 17 Gas & oil Exp 84 To accounts payable 84 19 Cash 2700 To landscaping services 2700 22 Accounts payable 600 To cash 600 24 Cash 500 To accounts receivable 500 28 Accounts receivable 1626 To Landscaping Services 1626 29 Telephone exp 184 To cash 184 29 Utilities bill 200 To Accounts payable 200 30 Salaries 3200 To cash 3200 30 Khandan Miller - Withdrawl 1300 To cash 1300

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