Work Assignment #4 Last Name: -First Name: Analyzing the following transactions

Question

Work Assignment #4 Last Name: -First Name: Analyzing the following transactions of Elegant Lawns that occurred in May 2018 4 Parts to Problem For each transaction, (1) analyze the transactions using the accounting equation, (2) record the transactions in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. (4) Prepare a Trial Balance S-Sample: If on May 1 a transaction increased Cash and Notes Payable by $50,000 (only an illustrative sample do not include in totals). Transactions 1-7 1. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $85,000 in cash plus equipment having a $45,000 value in exchange for common stock. 2. On May 21, Elegant Lawns purchases and pays for $750 of office supplies. 3. On May 25, Elegant Lawns receives $9,600 cash for performing landscaping services. 4. On May 27, Elegant Lawns receives $2,200 cash in advance of providing landscaping services to a customer. 5. On May 30, Pays for a one year pre-paid insurance policy for $3,000 6. On May 31, Purchases inventory of grass treatment product for $2,000 on account. 7. On May 31, Pays for wages earned in the current month for $4,000. Part 1. Enter the change in equation balances for each transaction (only input net increase or decrease in each element category for each transaction). AssetsLiabilitiesEquity S S 50,000 S 50,000 2. 3. 6.

Explanation / Answer

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Elegant Lawns Date Assets = Liabilities + Equity May.15, 2018 85000 = + 130000 45000 = + May.21,2018 750 = + -750 = + May.25, 2018 9600 = + 9600 May.27,2018 2200 2200 May.30, 2018 3000 = + -3000 = + May.31, 2018 2000 = + -2000 = + May.31,2018 -4000 -4000

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