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3 years ago

For each transaction,

Business

1 answer:

Misha Larkins [42]3 years ago

3 0

Answer:

1) I used an excel spreadsheet

2) a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value.

Dr Cash 7,000

Dr Equipment 3,000

Cr DeShawn Tyler, capital 10,000

b. On May 21, Elegant Lawns purchases office supplies on credit for $500.

Dr Office supplies 500

Cr Accounts payable 500

c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.

Dr Cash 4,000

Cr Landscaping Revenue 4,000

d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.

Dr Cash 1,000

Cr Unearned Landscaping Revenue 1,000

Cash (101)

debit credit

7,000

4,000

1,000

12,000

Office Supplies (124)

debit credit

500

Equipment (167)

debit credit

3,000

Accounts Payable (201)

debit credit

500

Unearned Landscaping Revenue (236)

debit credit

1,000

D. Tyler, Capital (301)

debit credit

10,000

Landscaping Revenue (403)

debit credit

4,000

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Answer:

April 5

Dr Merchandise inventory $23,000

Cr Accounts payable $23,000

April 6

Dr Merchandise inventory $900

Cr Cash $900

April 7

Dr Equipment $26,000

Cr Accounts payable $26,000

April 8

Dr Accounts payable $3,000

Cr Merchandise inventory $3,000

April 15

Dr Accounts payable $20,000

Cr Cash $19,600

Cr Merchandise inventory $400

B. Dr Accounts payable $20,000

Cr Cash $20,000

Explanation:

A. Preparation of the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system.

April 5

Dr Merchandise inventory $23,000

Cr Accounts payable $23,000

April 6

Dr Merchandise inventory $900

Cr Cash $900

April 7

Dr Equipment $26,000

Cr Accounts payable $26,000

April 8

Dr Accounts payable $3,000

Cr Merchandise inventory $3,000

April 15

Dr Accounts payable $20,000

($23,000-$3,000)

Cr Cash $19,600

[$20,000*(100%-2%)]

Cr Merchandise inventory $400

($20,000-$19,600)

B. Preparation of the journal entry to record this payment Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15.

May 4

Dr Accounts payable $20,000

Cr Cash $20,000

($23,000-$3,000)

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