In: Accounting
Steve Russell started a snow removal and landscaping business he
called Total Care Services. Selected transactions for Total Care
Services are listed below.
1. | Steve transfers his used pickup truck valued at $3,560 into the business. | |
2. | Steve invested $3,150 cash in the business and opened a bank account in the name of Total Care Services. | |
3. | Purchased a used snow plow from a dealer for $1,520 paying half as a down payment and half on account. | |
4. | Plowed the parking lot of a local mall and billed the mall management company $805. | |
5. | Paid for fuel for the truck $150. | |
6. | Plowed three neighbors’ driveways and immediately got paid $20 each. | |
7. | Collected in full the invoice billed to the mall management company. | |
8. | Paid balance owing on the purchase of the snow plow. | |
9. | Purchased a new lawn mower for $780, paying 20% down payment in cash, the remainder is on account. | |
10. | Paid for business cell phone charges of $30. | |
11. | Purchased $390 of lawn maintenance supplies for cash. | |
12. | Billed customers $1,830 for lawn maintenance services completed. | |
13. | Paid balance owing on lawn mower. | |
14. | Collected $750 from customers for services previously billed. | |
15. | Steve withdraws $1,000 cash for personal use. | |
16. | Provides lawn maintenance services totaling $1,410 for several clients – one client whose bill is $135 pays cash, the remainder are on account. |
For each transaction indicate:
(a) | The basic type of account debited and credited (asset, liability, owner’s equity) | |
(b) | The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.) | |
(c) | By how much each account is increased or decreased. |