Leanders Landscaping Service maintains the following chart of accounts Assets 111 Cash 113 Accounts Receivable 117 Prepaid Insurance 124 Equipment Liabilities 221 Accounts Payable Owners Equity 311 O Leander, Capital 312 O Leander, Drawing Revenue 411 Landscaping Income Expenses 511 Salary Expense ...

GENERAL LEDGER ACCOUNT CASH ACCOUNT NO 111 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT 20 A ...

Leanders Landscaping Service maintains the following chart of accounts: Assets 111 Cash 113 Accounts Receivable 117 Prepaid

Question:

Leander’s Landscaping Service maintains the following chart of accounts:
Assets
111 Cash
113
117 Prepaid Insurance
124 Equipment
Liabilities
221
Owner’s Equity
311 O. Leander, Capital
312 O. Leander, Drawing
Revenue
411 Landscaping Income
Expenses
511 Salary Expense
512 Rent Expense
513 Gas and Oil Expense
514 Utilities Expense
515 Supplies Expense

The following transactions were completed by Leander:
Apr. 1 Leander deposited $ 30,000 in a bank account in the name of the business.
4 Leander invested his personal landscaping equipment, with a fair market value of $ 1,750, in the business.
6 Bought a used trailer on account from Used Mart, $ 1,450, Inv. No. 415.
7 Paid the rent for the current month, $ 925, Ck. No. 100.
9 Bought a used bulldozer from Dray’s Equipment, $ 5,100, paying $ 2,100 in cash and placing the balance on account, Inv. No. 3255, Ck. No. 101.
10 Bought liability insurance for one year, $ 2,800, Ck. No. 102.
13 Sold landscaping services on account to Fulton Homes, $ 4,595, Inv. No. 100.
14 Bought supplies on account from Perry’s Supply, $ 427, Inv. No. 4281.
15 Sold landscaping services on account to D. D. Mau Inc., $ 3,997, Inv. No. 101.
17 Received and paid the bill from Pumpers for gas and oil for the equipment, $ 227, Ck. No. 103.
19 Sold landscaping services for cash to Cliff ’ s House, $ 1,437, Inv. No. 102.
22 Paid on account to Used Mart, $ 450, Inv. No. 415, Ck. No. 104.
24 Received on account from Fulton Homes, $ 800, Inv. No. 100.
28 Sold landscaping services on account to H. Ron, $ 1,785, Inv. No. 103.
29 Received and paid the telephone bill, $ 321, Ck. No. 105.
30 Paid the salary of the employee, $ 1,836, Ck. No. 106.
30 Leander withdrew cash for his personal use, $ 1,500, Ck. No. 107.

Required
1. Journalize the transactions in the general journal, beginning on page
1. Write a brief explanation for each entry.
2. Write the name of the owner on the Capital and Drawing accounts.
3. Post the journal entries to the general ledger accounts.
4. Prepare a trial balance dated April 30, 20—.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...