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 inparentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201);Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); andLandscaping Expense (696).a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $89,000 in cash along with equipmenthaving a $49,000 value in exchange for common stock.b. On May 21, Elegant Lawns purchases office supplies on credit for $660.c. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services.d. On May 30, Elegant Lawns receives $2,900 cash in advance of providing landscaping services to a customer.Complete this question by entering your answers in the tabs below.GeneralJournalAnalyzeT accountsFor each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)AssetsLiabilitiesEquitya.b.C.d.AnelyzaGeneral Journal >

Solution:- a)The following balance sheet equation used as follows under:- Assets = Liabilities +…

Complete this question by entering your answers in the tabs below. General Journal Analyze T accounts For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)

Complete this question by entering your answers in the tabs below. General Journal Analyze T accounts For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); and
Landscaping Expense (696).
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $89,000 in cash along with equipment
having a $49,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $660.
c. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $2,900 cash in advance of providing landscaping services to a customer.
Complete this question by entering your answers in the tabs below.
General
Journal
Analyze
T accounts
For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)
Assets
Liabilities
Equity
a.
b.
C.
d.
Anelyza
General Journal >

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