Prepare accounting journal entry for JJ's Lawn Care Service based on the following transactions or events....

 

   

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Prepare accounting journal entry for JJ's Lawn Care Service based on the following transactions or events. (Total 30 points, with each journal entry 2 points.) (1) May 1, Jill Jones and her family invested $8,000 in JJ's Lawn Care Service and received 800 shares of stock. (2) May 2, JJ's purchased a riding lawn mower for $2,500 cash. (3) May 8, JJ's purchased a $15,000 truck. JJ's paid $2,000 in cash and issued a note payable for the remaining $13,000. (4) May 11, JJ's purchased some repair parts for $300 on account. (5) May 18, JJ's sold half of the repair parts to ABC Lawns for $150, a price equal to JJ's cost. ABC Lawns agrees to pay JJ's within 30 days. (6) May 29, JJ's provided lawn care services for a client and received $750 in cash. (7) May 31, JJ's purchased gasoline for the lawn mower and the truck for $50 cash. (8) May 31, JJ's Lawn Care paid Jill Jones and her family a $200 dividend. (9) JJ's $15,000 truck is depreciated over 60 months (No salvage value). Calculate monthly depreciation and make the journal entry. (10) May 31, JJ's close entries for evenue Accour amounted $750. (11) May 31, JJ's close entries for Expense Accounts, among expenses, gasoline expense $50, depreciation expense (Tools & Equipment) $50, and depreciation expense (Truck) $250. (12) May 31, JJ's close the Income Summary Account to Retained Earnings amounted $400. (13) May 31, JJ's close the Dividends Account amounted $200 to retained earnings. (14) May 31, JJ's received cash $600 from its customer for previous credit sales. (15) May 31, JJ's paid cash $15000 to purchase a car. Prepare accounting journal entry for JJ's Lawn Care Service based on the following transactions or events. (Total 30 points, with each journal entry 2 points.) (1) May 1, Jill Jones and her family invested $8,000 in JJ's Lawn Care Service and received 800 shares of stock. (2) May 2, JJ's purchased a riding lawn mower for $2,500 cash. (3) May 8, JJ's purchased a $15,000 truck. JJ's paid $2,000 in cash and issued a note payable for the remaining $13,000. (4) May 11, JJ's purchased some repair parts for $300 on account. (5) May 18, JJ's sold half of the repair parts to ABC Lawns for $150, a price equal to JJ's cost. ABC Lawns agrees to pay JJ's within 30 days. (6) May 29, JJ's provided lawn care services for a client and received $750 in cash. (7) May 31, JJ's purchased gasoline for the lawn mower and the truck for $50 cash. (8) May 31, JJ's Lawn Care paid Jill Jones and her family a $200 dividend. (9) JJ's $15,000 truck is depreciated over 60 months (No salvage value). Calculate monthly depreciation and make the journal entry. (10) May 31, JJ's close entries for evenue Accour amounted $750. (11) May 31, JJ's close entries for Expense Accounts, among expenses, gasoline expense $50, depreciation expense (Tools & Equipment) $50, and depreciation expense (Truck) $250. (12) May 31, JJ's close the Income Summary Account to Retained Earnings amounted $400. (13) May 31, JJ's close the Dividends Account amounted $200 to retained earnings. (14) May 31, JJ's received cash $600 from its customer for previous credit sales. (15) May 31, JJ's paid cash $15000 to purchase a car. Prepare accounting journal entry for JJ's Lawn Care Service based on the following transactions or events. (Total 30 points, with each journal entry 2 points.) (1) May 1, Jill Jones and her family invested $8,000 in JJ's Lawn Care Service and received 800 shares of stock. (2) May 2, JJ's purchased a riding lawn mower for $2,500 cash. (3) May 8, JJ's purchased a $15,000 truck. JJ's paid $2,000 in cash and issued a note payable for the remaining $13,000. (4) May 11, JJ's purchased some repair parts for $300 on account. (5) May 18, JJ's sold half of the repair parts to ABC Lawns for $150, a price equal to JJ's cost. ABC Lawns agrees to pay JJ's within 30 days. (6) May 29, JJ's provided lawn care services for a client and received $750 in cash. (7) May 31, JJ's purchased gasoline for the lawn mower and the truck for $50 cash. (8) May 31, JJ's Lawn Care paid Jill Jones and her family a $200 dividend. (9) JJ's $15,000 truck is depreciated over 60 months (No salvage value). Calculate monthly depreciation and make the journal entry. (10) May 31, JJ's close entries for evenue Accour amounted $750. (11) May 31, JJ's close entries for Expense Accounts, among expenses, gasoline expense $50, depreciation expense (Tools & Equipment) $50, and depreciation expense (Truck) $250. (12) May 31, JJ's close the Income Summary Account to Retained Earnings amounted $400. (13) May 31, JJ's close the Dividends Account amounted $200 to retained earnings. (14) May 31, JJ's received cash $600 from its customer for previous credit sales. (15) May 31, JJ's paid cash $15000 to purchase a car. Prepare accounting journal entry for JJ's Lawn Care Service based on the following transactions or events. (Total 30 points, with each journal entry 2 points.) (1) May 1, Jill Jones and her family invested $8,000 in JJ's Lawn Care Service and received 800 shares of stock. (2) May 2, JJ's purchased a riding lawn mower for $2,500 cash. (3) May 8, JJ's purchased a $15,000 truck. JJ's paid $2,000 in cash and issued a note payable for the remaining $13,000. (4) May 11, JJ's purchased some repair parts for $300 on account. (5) May 18, JJ's sold half of the repair parts to ABC Lawns for $150, a price equal to JJ's cost. ABC Lawns agrees to pay JJ's within 30 days. (6) May 29, JJ's provided lawn care services for a client and received $750 in cash. (7) May 31, JJ's purchased gasoline for the lawn mower and the truck for $50 cash. (8) May 31, JJ's Lawn Care paid Jill Jones and her family a $200 dividend. (9) JJ's $15,000 truck is depreciated over 60 months (No salvage value). Calculate monthly depreciation and make the journal entry. (10) May 31, JJ's close entries for evenue Accour amounted $750. (11) May 31, JJ's close entries for Expense Accounts, among expenses, gasoline expense $50, depreciation expense (Tools & Equipment) $50, and depreciation expense (Truck) $250. (12) May 31, JJ's close the Income Summary Account to Retained Earnings amounted $400. (13) May 31, JJ's close the Dividends Account amounted $200 to retained earnings. (14) May 31, JJ's received cash $600 from its customer for previous credit sales. (15) May 31, JJ's paid cash $15000 to purchase a car.

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Answer Journal Entries for JJs Lawn care service Date Account Dr Cr Cash 8000 Equity 8000 Being cash ... View the full answer