Using the information provided, analyze the affects of Lawry Lawn Service's transactions on the accounting equation.

May 1 Received $3,400 and issued common stock
May 3 Purchased a mower on account, $1,600
May 5 Performed lawn services for client on account $1,000
May 17 Paid $100 cash for gas used in mower.
May 28 Paid cash dividends of $700

Analyze the events chronologically, one transaction at a time. Beginning with the transaction on May 3rd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation.

Question

15-10-2020
Business

contestada

Using the information provided, analyze the affects of Lawry Lawn Service's transactions on the accounting equation.

May 1 Received $3,400 and issued common stock
May 3 Purchased a mower on account, $1,600
May 5 Performed lawn services for client on account $1,000
May 17 Paid $100 cash for gas used in mower.
May 28 Paid cash dividends of $700

Analyze the events chronologically, one transaction at a time. Beginning with the transaction on May 3rd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation.

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Zviko Zviko · Answer 1 · 2020-10-15T15:41:43+02:00

Answer:

Common Stock $3,400 (credit)

Mower $1,600 (debit)

Revenue Service $1,000 (credit)

Cash $2,600 (debit)

Gas Expense $100 (debit)

Dividends $0

Explanation:

See below the posting i have done to the ledger accounts.

Mower T - Account

Debit :

Accounts Payable $1,600

Credit :

Balance c/d $1,600

Revenue Service T - Account

Debit :

Balance c/d $1,000

Credit :

Account Receivable $1,000

Cash T - Account

Debit :

Common Stock $3,400

Credit :

Gas Expense $100

Dividends $700

Balance c/d $2,600

Gas Expense T - Account

Debit :

Cash $100

Credit :

Balance c/d $100

Dividends - T Account

Debit :

Shareholders for dividends $700

Credit :

Cash $700