Using the information provided and the format below, analyze the effects of Lyn Lawn Service's transactions...

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Using the information provided and the format below, analyze the effects of Lyn Lawn Service's transactions on the accounting equation. (If a box is not used in the transaction, leave the box empty; do not enter a zero. Enter decreases with a minus sign or parentheses. Abbreviations used: exp. = expense; invest. = investment; rev. = revenue.) Apr. 1 3 5 17 28 Cash Assets = Liabilities + Accounts Accounts + Receivable + Equipment = Payable + 2,900 + + (80) + (320) + 380 + = 1,300 = = = = 1,300 + + + + + Owner's Equity Lyn, Capital 2,900 380 (80) (320) T Explanation Owner invest. Service rev. Gas exp. Withdrawal Transactions Apr. Apr. Apr. Apr. Apr. 1 Received $2,900 and gave capital to Marc Lyn. 3 Purchased a mower on account, $1,300. 5 Performed lawn services for client on account, $380. 17 Paid $80 cash for gas used in mower. 28 Marc Lyn withdrew cash of $320. Using the information provided and the format below, analyze the effects of Lyn Lawn Service's transactions on the accounting equation. (If a box is not used in the transaction, leave the box empty; do not enter a zero. Enter decreases with a minus sign or parentheses. Abbreviations used: exp. = expense; invest. = investment; rev. = revenue.) Apr. 1 3 5 17 28 Cash Assets = Liabilities + Accounts Accounts + Receivable + Equipment = Payable + 2,900 + + (80) + (320) + 380 + = 1,300 = = = = 1,300 + + + + + Owner's Equity Lyn, Capital 2,900 380 (80) (320) T Explanation Owner invest. Service rev. Gas exp. Withdrawal Transactions Apr. Apr. Apr. Apr. Apr. 1 Received $2,900 and gave capital to Marc Lyn. 3 Purchased a mower on account, $1,300. 5 Performed lawn services for client on account, $380. 17 Paid $80 cash for gas used in mower. 28 Marc Lyn withdrew cash of $320.

Answer rating: 100% (QA)

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