Question

Graham’s Yard Care, Inc. began operations and completed the following trans-actions during June:
Jun 1 Received $1,000 and issued 100 common shares. Deposited this amount in bank account titled Graham’s Yard Care, Inc.
3 Purchased on account a mower, $1,000, and weed whacker, $400. The equipment is expected to remain in service for four years.
5 Purchased $20 of gas. Wrote cheque #1 from the new bank account.
6 Performed lawn services for client on account, $200.
8 Purchased $50 of fertilizer from the lawn store. Wrote cheque #2 from the new bank account.
17 Completed landscaping job for client, received cash $500.
30 Received $50 on account from June 6 sale.
Requirement
Analyze the effects of Graham’s Yard Care, Inc.'s transactions on the accounting equation. Include these headings: Cash, Accounts Receivable, Lawn Supplies, Equipment, Accounts Payable, Common Shares, Retained Earnings, Dividends, Service Revenue, and Fuel Expense.


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  • CreatedJuly 08, 2015
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