lawlor lawn service began operations and completed the following transactions during 538278
Analyzing transactions
Lawlor Lawn Service began operations and completed the following transactions during May, 2012:
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lawlor lawn service began operations and completed the following transactions during 538278
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1-May |
Received $1,700 and gave capital to Lawlor. Deposited this amount in |
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bank account titled Lawlor Lawn Service. |
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3 |
Purchased on account a mower, $1,200, and weed whacker, $240. The equipment is |
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expected to remain in service for four years. |
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5 |
Purchased $30 of gas. Wrote check #1 from the new bank account. |
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6 |
Performed lawn services for client on account, $150. |
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8 |
Purchased $150 of fertilizer that will be used on future jobs. Wrote check #2 from the new bank account. |
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17 |
Completed landscaping job for client, received cash $800. |
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31 |
Received $100 on account from May 6 sale. |
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Requirement
1. Analyze the effects of Lawlor Lawn Service transactions on the accounting equation. Use the format of Exhibit 1-6, and include these headings: Cash; Accounts receivable; Lawn supplies; Equipment; Accounts payable; and Lawlor, capital. In Chapter 2, we will account for these same transactions a different way—as the accounting is actually performed in practice.
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