Question: Please show how to do a journal entry. Prepare journal entries to record the the April transactions in the General Journal below. Remember that Debits
Please show how to do a journal entry.
Prepare journal entries to record the the April transactions in the General Journal below. Remember that Debits must equal CreditsAll of your Journal Entries should balance.
April Transactions
April 1 - Started a landscaping business by making a $50,000 deposit in a company bank account, in exchange for 5,000 shares of $10 par value common stock.
April 1 - Purchased insurance for the year and paid $3,600 cash.
April 1 - Paid monthly rental of $2,500 cash on a warehouse to store the landscaping equipment.
April 3 - Purchased landscaping equipment from Toro for $15,000, paying a downpayment of $10,000 cash, and $5,000 on account.
April 5 - Purchased landscaping supplies of $750 on account.
April 5 - Paid $500 cash for advertising in local newspapers.
April 10 - Received $12,500 in cash for landscaping services provided.
April 12 - Paid $2,000 on account for landscaping equipment previously purchased on April 3rd.
April 15 - Provided landscaping services on account for $1,200.
April 20 - Received $10,500 in cash for landscaping services provided.
April 28 - Received $600 cash on account for landscaping services performed on April 15th.
April 30 - Received $4,000 cash for landscaping services provided.
April 30 - Paid a utility bill of $700 cash.
April 30 - Paid dividends of $3,000 cash
April 30 - The inventory of landscaping supplies showed a balance of $300 on hand at the end of the month.
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type Account Number Account Title Normal Balance
Assets 111 Cash Debit
115 Accounts Receivable Debit
117 Prepaid Insurance Debit
119 Landscaping Supplies Debit
144 Landscaping Equipment Debit
Liabilities 212 Accounts Payable Credit
Stockholders Equity 311 Common Stock Credit
313 Dividends Debit
Revenue 411 Landscape Services Revenue Credit
Expenses 511 WarehouseRent Expense Debit
512 Advertising Expense Debit
514 Landscaping Supplies Expense Debit
517 Utility Expense Debit
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
