I RRY'S LAWN CAR) C art of Account: ASSETS 100 Cash 110 Accounts Receivable - Mr....
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I RRY'S LAWN CAR) C art of Account: ASSETS 100 Cash 110 Accounts Receivable - Mr. Mauney 111 Accounts Receivable - Mr. Miller 120 Supplies 150 151 Accumulated Depreciation - Lawn Mower 160 Weed Trimmer 161 Accumulated Depreciation - Weed Trimmer Lawn Mower LIABILITIES 200 Note Payable - Chun Yan Wong 210 220 Unearned Revenue Account Payable Kristy Walker CAPITAL 300 Larry Chang - Capital 310 Larry Chang - Drawing REVENUE 400 Lawn Service Revenue EXPENSES Supply Expense Transportation Expense Advertising Expense Repair Expense Depreciation Expense Depreciation Expense Gas and Oil Expense Interest Expense Miscellaneous Expense 500 510 520 530 540 Lawn Mower - Weed Trimmer 550 560 570 590 INCOME SUMMARY 600 Income Summary 14 6/1 Paid Kristy Walker $25 for t ransportation Mr i id Mrs. Bronson are le ving on an extended " cat on. They paid Larry $200 in advance for work te be performed later. 16 /20 Paid Ralph's Service Center $40. Fifteen dollars of the $40 was for gas, $20 was for supplies, and $5 was for Larry's lunch. 17. 6/21 Larry paid $5 to his parents for long distance calls that were business related (miscellaneous expense). 18 6/23 Completed another $100 of yard work for Mr. Mauney. Larry presented Mr. Mauney with a bill, but Mr. Mauney was unable to pay him at this time. 19 6/24 Paid Kristy Walker $20 for transportation. Collected $75 from Mrs. Collins for lawn care performed that week. 20 6/26 Paid Ralph's Service Center a total of $15. Ten dollars was for gas and oil, and $5 was for spark plugs (repair). 21 6/26 Larry withdrew for personal use $20 in cash fr om the business checking account. 22 6/28 23 6/29 Collected $40 from Mr. Mauney on the amount he owed Larry. 24 6/30 Paid Chun Yan Wong $110. One hundred dollars was on the principal of the note, and $10 was for interest. Narrative of Transactions No. Date Transaction 6/1 Larry deposited $500 of his own money into a business checking accounting to start his lawn care service. 2 6/2 Larry borrowed $1,000 from his cousin, Chun Yan Wong, by signing a note payable. The terms of the note were 12% interest, with $100 per month to be paid on the principal plus any accrued interest. 3 6/4 Paid $720 for a lawn mower with an estimated life of three years. 6/5 - Made an arrangement with a school mate, Kristy Walker, to provide transportation in her pickup truck. Paid $120 for a weed trimner with an estimated useful life of two years. 4 6/6 5 6/9 Paid $75 for various supplies to be used in the business. 6 6/9 Paid $35 to the local newspaper for an advertisement about Larry's Lawn Care. 7 6/10 Paid $10 to Ralph's Service Center for gas and oil. 8 6/11 Performed lawn service for Mrs. Washington and collected $60. 9 6/13 Received a memo from the bank, charging Larry's Lawn Care $10 for its first check order (miscellaneous expense).. 10 6/15 Collected $140 from Mr. and Mrs. silva for lawn work performed that week. 11 6/17 Dropped the trimmer and broke the handle, Paid $35 to have it repaired. 12 6/18 Collected $8s from Mr. Mauney for work performed over the last two days. Paid $25 for handbills that Larry distributed through the neighborhood, advertising his services. 13 6/18 I RRY'S LAWN CAR) C art of Account: ASSETS 100 Cash 110 Accounts Receivable - Mr. Mauney 111 Accounts Receivable - Mr. Miller 120 Supplies 150 151 Accumulated Depreciation - Lawn Mower 160 Weed Trimmer 161 Accumulated Depreciation - Weed Trimmer Lawn Mower LIABILITIES 200 Note Payable - Chun Yan Wong 210 220 Unearned Revenue Account Payable Kristy Walker CAPITAL 300 Larry Chang - Capital 310 Larry Chang - Drawing REVENUE 400 Lawn Service Revenue EXPENSES Supply Expense Transportation Expense Advertising Expense Repair Expense Depreciation Expense Depreciation Expense Gas and Oil Expense Interest Expense Miscellaneous Expense 500 510 520 530 540 Lawn Mower - Weed Trimmer 550 560 570 590 INCOME SUMMARY 600 Income Summary 14 6/1 Paid Kristy Walker $25 for t ransportation Mr i id Mrs. Bronson are le ving on an extended " cat on. They paid Larry $200 in advance for work te be performed later. 16 /20 Paid Ralph's Service Center $40. Fifteen dollars of the $40 was for gas, $20 was for supplies, and $5 was for Larry's lunch. 17. 6/21 Larry paid $5 to his parents for long distance calls that were business related (miscellaneous expense). 18 6/23 Completed another $100 of yard work for Mr. Mauney. Larry presented Mr. Mauney with a bill, but Mr. Mauney was unable to pay him at this time. 19 6/24 Paid Kristy Walker $20 for transportation. Collected $75 from Mrs. Collins for lawn care performed that week. 20 6/26 Paid Ralph's Service Center a total of $15. Ten dollars was for gas and oil, and $5 was for spark plugs (repair). 21 6/26 Larry withdrew for personal use $20 in cash fr om the business checking account. 22 6/28 23 6/29 Collected $40 from Mr. Mauney on the amount he owed Larry. 24 6/30 Paid Chun Yan Wong $110. One hundred dollars was on the principal of the note, and $10 was for interest. Narrative of Transactions No. Date Transaction 6/1 Larry deposited $500 of his own money into a business checking accounting to start his lawn care service. 2 6/2 Larry borrowed $1,000 from his cousin, Chun Yan Wong, by signing a note payable. The terms of the note were 12% interest, with $100 per month to be paid on the principal plus any accrued interest. 3 6/4 Paid $720 for a lawn mower with an estimated life of three years. 6/5 - Made an arrangement with a school mate, Kristy Walker, to provide transportation in her pickup truck. Paid $120 for a weed trimner with an estimated useful life of two years. 4 6/6 5 6/9 Paid $75 for various supplies to be used in the business. 6 6/9 Paid $35 to the local newspaper for an advertisement about Larry's Lawn Care. 7 6/10 Paid $10 to Ralph's Service Center for gas and oil. 8 6/11 Performed lawn service for Mrs. Washington and collected $60. 9 6/13 Received a memo from the bank, charging Larry's Lawn Care $10 for its first check order (miscellaneous expense).. 10 6/15 Collected $140 from Mr. and Mrs. silva for lawn work performed that week. 11 6/17 Dropped the trimmer and broke the handle, Paid $35 to have it repaired. 12 6/18 Collected $8s from Mr. Mauney for work performed over the last two days. Paid $25 for handbills that Larry distributed through the neighborhood, advertising his services. 13 6/18
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Larrys Lawn Care Journal entries No Date Account 1 1Jun Cash Larry Chang Capital Credit Debit 500 50... View the full answer
Related Book For
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
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