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).

1. 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.
2. On May 21, Elegant Lawns purchases office supplies on credit for $660.
3. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services.
4. On May 30, Elegant Lawns receives $2,900 cash in advance of providing landscaping services to a customer.

Answer 1

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Part 1
Date	Cash+	Office Supplies+	Equipment=	Accounts Payable+	Unearned Revenue+	Common Stock+	Retained Earning	Revenue-	Expense=	Net Income
May 15	$                                                                    89,000		$                         49,000			$           138,000
May 21		$                   660		$                       660
May 25	$                                                                       9,700						$                 9,700	$             9,700		$         9,700
May 30	$                                                                       2,900				$                       2,900
Total	$                                                                  101,600	$                   660	$                         49,000	$                       660	$                       2,900	$           138,000	$                 9,700	$             9,700	$          -	$         9,700

Part 2
Date	Accounts	Debit	Credit
May 15	Cash	$             89,000
May 15	Equipment	$             49,000
May 15	Common Stock		$                       138,000
	(being common stock issued)
May 21	Office Supplies	$                   660
May 21	Accounts Payable		$                               660
	(Being office supplies purchased)
May 25	Cash	$               9,700
May 25	Service Revenue		$                           9,700
	(being cash received for service)
May 30	Cash	$               2,900
May 30	Unearned Revenue		$                           2,900
	(being cash received for service to be provided)

Part 3 T Accounts
Cash
Debit		Credit
May 15	$                     89,000
May 25	$                       9,700
May 30	$                       2,900
Ending Balance	$                  101,600
Equipment
Debit		Credit
May 15	$                     49,000
Ending Balance	$                     49,000
Office Supplies
Debit		Credit
May 15	$                          660
Ending Balance	$                          660
Accounts Payable
Debit		Credit
		May 21	$                    660
		Ending Balance	$                    660
Accounts Payable
Debit		Credit
		May 15	$             138,000
		Ending Balance	$             138,000
Service Revenue
Debit		Credit
		May 25	$                 9,700
		Ending Balance	$                 9,700
Unearned Revenue
Debit		Credit
		May 30	$                 2,900
		Ending Balance	$                 2,900