During November of this year, Lonny Luxor opened a landscaping business called Lonny's Landscaping Services. The...

 

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During November of this year, Lonny Luxor opened a landscaping business called Lonny's Landscaping Services. The following transactions were completed during the first month: Deposited $16,500 in a bank account for the business b. Provided landscaping services for cash, $1,820. Paid rent for the month, $2,600. d. Bought 2 lawnmowers for $3,100. e. Bought landscaping tools for $9,500 from Bingham Company. Paid $6,700 in cash, with the balance due in thirty days. office supplies and announcements for $970 from City Stationers. Payment is due in thirty a C f Purchased days. Billed clients $3,300 for landscaping services Bought insurance for two years, $950. 8 h. i Paid $1,450 salary to secretary/assistant for the month. j. Received and paid telephone bill, $210. k. Received cash from clients previously billed on account, $2,450 1. Paid Bingham Company $970 to apply on account m. Paid advertising bill for $1,650. 1. Bought gas for lawn mowers, $250. (Gas Expense) 0. Provided landscaping services, $2,400. Received $500 cash and billed clients for remainder p. Lonny withdrew $2,200 for personal use Instructions: 1. Enter the transactions in the accounting equation on page 2. 2. Prepare an income statement, a statement of owner's equity, and a balance sheet for Lonny's Landscaping Services (Use forms on pages 3 and 4) (b) (c) (d) (0) (0 (g) (1) (1) (k) (1) (m) (n) (0) (p) Bal. Assets Liabilities Acets. Prepaid Acets. Cash 4 Rec. Supplies Insurance Tools Lawnmowers Payable Owner's Equity L. Luxor, L. Luxor, Landscaping Capital Revenue Drawing Expenses Description During November of this year, Lonny Luxor opened a landscaping business called Lonny's Landscaping Services. The following transactions were completed during the first month: Deposited $16,500 in a bank account for the business b. Provided landscaping services for cash, $1,820. Paid rent for the month, $2,600. d. Bought 2 lawnmowers for $3,100. e. Bought landscaping tools for $9,500 from Bingham Company. Paid $6,700 in cash, with the balance due in thirty days. office supplies and announcements for $970 from City Stationers. Payment is due in thirty a C f Purchased days. Billed clients $3,300 for landscaping services Bought insurance for two years, $950. 8 h. i Paid $1,450 salary to secretary/assistant for the month. j. Received and paid telephone bill, $210. k. Received cash from clients previously billed on account, $2,450 1. Paid Bingham Company $970 to apply on account m. Paid advertising bill for $1,650. 1. Bought gas for lawn mowers, $250. (Gas Expense) 0. Provided landscaping services, $2,400. Received $500 cash and billed clients for remainder p. Lonny withdrew $2,200 for personal use Instructions: 1. Enter the transactions in the accounting equation on page 2. 2. Prepare an income statement, a statement of owner's equity, and a balance sheet for Lonny's Landscaping Services (Use forms on pages 3 and 4) (b) (c) (d) (0) (0 (g) (1) (1) (k) (1) (m) (n) (0) (p) Bal. Assets Liabilities Acets. Prepaid Acets. Cash 4 Rec. Supplies Insurance Tools Lawnmowers Payable Owner's Equity L. Luxor, L. Luxor, Landscaping Capital Revenue Drawing Expenses Description