Business, 13.10.2020 04:01 sassyluvinherself

On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $90,000 in cash along with equipment having a $50,000 value in exchange for common stock. On May 21, Elegant Lawns purchases office supplies on credit for $680. On May 25, Elegant Lawns receives $9,800 cash for performing landscaping services. On May 30, Elegant Lawns receives $3,000 cash in advance of providing landscaping services to a customer. Required:
For each transaction:

a. Analyze the transaction using the accounting equation
b. Record the transaction in journal entry form
c. Post the entry using T-accounts to represent ledger accounts.

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Answer from: pandaman632

All requirements are solved

Explanation:

In requirement 1 its clearly shown how these transactions are affecting the accounting equation. In requirement 2 all journal entries are posted and in requirement 3 All T - accounts are set.

Requirement 1: Accounting Equation

EventAssets=Liabilities+Equity

a $140,000 $140,000

b $680 $680

c $9,800 $9,800

d $3,000 $3,000.00

Requirement 2: Journal Entries

DEBIT CREDIT

a15-May(cash and equipment invested in the business)

Cash $90,000

Equipment $50,000

D. Tyler Capital $140,000

b21-May(To record purchase of office supplies)

Office supplies $680

Accounts payable $680

c25-May(record landscaping revenue)

Cash $9,800

Landscaping revenue $9,800

d30-May(To record advance collection against revenue)

Cash $3,000

Unearned Landscaping revenue $3,000

Requirement 3: T accounts

Cash

Date Debit DateCredit

15-May $90,000

25-May $9,800

30-May $3,000

Ending balance $102,800

Equipment

Date Debit DateCredit

15-May $50,000

Ending balance$50,000

Office Supplies

Date DebitDateCredit

21-May $680.00

Ending balance$680.00

Accounts Payable

Date Debit Date Credit

21-May $680.00

Ending balance$680.00

Unearned landscaping revenue

Date DebitDate Credit

30-May $3,000

Ending balance $3,000

D. Tayler Capital

Date Debit Date Credit

15-May $90,000

15-May $50,000

Ending balance $140,000

Landscaping revenue

Date Debit Date Credit

25-May $9,800

Ending balance$9,800

Answer from: Quest

It would be option a

Answer from: Quest

1) d 2) d 3) c 4) d 5) a 6) c 7) a 8) b 9) a 10) a 11) d 12) c 13) c 14) d 15) a 16) a 17) d 18) c 19) c 20) c

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On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $90,000 in ca...

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