Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 8.00

Lawlor Lawn Service

Journalizing transactions, posting to T-accounts, and preparing a trial balance Exercise 2-61 continues with the consulting business of Lawlor Lawn Service begun in Exercise 1-47. Here you will account for Lawlor Lawn Service"s transactions as it is actually done in practice.

 

 

E2-61 Lawlor Lawn Service completed the following transactions during May:

 

 

 

 

 

5

 

 

May 1

 

 

Received $1,700 and gave capital to Lawlor. Opened bank account titled Lawlor Lawn Service.

 

 

3

 

 

Purchased on account a mower, $1,200, and weed whacker, $240. The equipment is expected to remain in service for four years.

 

 

5

 

 

Purchased $30 of gas. Wrote check #1 from the new bank account.

 

 

6

 

 

Performed lawn services for client on account, $150.

 

 

8

 

 

Purchased $150 of fertilizer supplies from the lawn store that will be used on future jobs.Wrote check #2 from the new bank account.

 

 

17

 

 

Completed landscaping job for client, received cash $800.

 

 

31

 

 

Received $100 on account from May 6 sale.

 

 

 

 

 

Requirements

 

 

1. Open T-accounts: Cash; Accounts receivable; Lawn supplies; Equipment;

 

 

Accounts payable; Lawlor, capital; Lawlor, drawing; Service revenue; and Fuel expense.

 

 

2. Journalize the transactions. Explanations are not required.

 

 

3. Post to the T-accounts. Key all items by date, and denote an account balance as Bal. Formal posting references are not required.

 

 

4. Prepare a trial balance at May 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 08:09 PM My Price 8.00

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