Question

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).

1. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $78,000 in cash along with equipment having a $38,000 value.
2. On May 21, Elegant Lawns purchases office supplies on credit for $440.
3. On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services.
4. On May 30, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer.

For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)

	Assets = Liabilities + Equity a. = + b. = + c. = + d. = +

For each of the above transaction, record the transaction in journal entry form. 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).

• On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $78,000 in cash along with equipment having a $38,000 value.
• On May 21, Elegant Lawns purchases office supplies on credit for $440.
• On May 25, Elegant Lawns receives $8,600 cash for performing landscaping services.
• On May 30, Elegant Lawns receives $1,800 cash in advance of providing landscaping services to a customer.

Note: Enter debits before credits.

	Date General Journal Debit Credit May 15

Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date selection. For left side T-account entries you must use a left side date selection.)

	Cash 101 Office Supplies 124 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Equipment 167 Accounts Payable 201 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Unearned Landscaping Revenue 236 D. Tyler, Capital 301 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Landscaping Revenue 403 Date Amount Date Amount End. bal.

Answer 1

Required 1
	Assets	=	Liabilities	+	Equity
a.	$ 116,000	=	$ 0	+	$ 116,000
b.	$ 440	=	$ 440	+	$ 0
c.	$ 8,600	=	$ 0	+	$ 8,600
d.	$ 1,800	=	$ 1,800	+	$ 0

Required 2 :
Date	General Journal	Debit	Credit
May-15	Cash	$ 78,000
	Equipment	$ 38,000
	D.Tyler ,Capital		$ 116,000
	(To record Capital invested into business)
May-21	Office supplies	$ 440
	Accounts Payable		$ 440
	(To record purchase office supplies on credit)
May-25	Cash	$ 8,600
	Landscaping revenue		$ 8,600
	(To record cash received for performing landscaping service)
May-30	Cash	$ 1,800
	unearned landscaping revenue		$ 1,800
	(To record advance received from customer)

Cash :101					Office Supplies:124
Date	Amount	Date	Amount		Date	Amount	Date	Amount
May-15	$ 78,000				May-21	$ 440
May-25	$ 8,600
May-30	$ 1,800
End.Bal.	$ 88,400				End.Bal.	$ 440
Equipment: 167					Accounts payable:201
Date	Amount	Date	Amount		Date	Amount	Date	Amount
May-15	$ 38,000						May-21	$ 440
End.Bal.	$ 38,000				End.Bal.			$ 440
Unearned Landscaping revenue:236					D.Tyler ,Capital :301
Date	Amount	Date	Amount		Date	Amount	Date	Amount
		May-30	$ 1,800				May-15	$ 116,000
End.Bal.			$ 1,800		End.Bal.			$ 116,000
Landscaping revenue:403
Date	Amount	Date	Amount
		May-25	$ 8,600
End.Bal.			$ 8,600