17 Using the information provided analyze the effects of Liv

17. Using the information provided, analyze the effects of Livine L awn Service\'s transactions on the accounting equation (Click the icon to view the transactions.) Analyze the events chronologically, one transaction at a time. Beginning with the transaction on May 3rd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the \"Bal.\" line, including zero balance accounts, entering a \"O\" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviation used: Contr = Contributed, Liab. = Liabilities.) ASSETS = LIAB. EQUITY Cash + Accounts Equipment AccountsLivine Livine, Service Gas Receivable Payable Capital RevenueExpense More Info May 1 Received $4,200 and gave capital to Edmond Livine May 3 Purchased a mower on account, $1,500. May 5 Performed lawn services for client on account, $400 May 17 Paid $120 cash for gas used in mower May 28 Edmond Livine withdrew cash of $500 Enter any number in the edit fi Print Done eck Answer pa remaining

Solution

ASSETS           = LIAB.   + EQUITY Cash + Accounts Receivables+ Equipment= Accounts Payable+ Livine Capital- Livine withdrawals + Service Revenue- Gas Expense 1-May 4200 4200 3-May 1500 1500 5-May 400 400 17-May -120 120 28-May -500 500 Balance 3580 400 1500 1500 4200 500 400 120 in a/cs 5480 5480