Homework SourseLo PROBLEM 34A Laras Landscaping Service has the following c
Solution
Journal entries:
Date
Description
Debit
Credit
a) Jan. 1
Leased sound system
155,159
-
Lease obligation
-
155,159
b) Jan. 1
Rent expenses
1,750
-
Cash
-
1,750
Date
Description
Debit
Credit
1-Mar
Cash
35,000
J. Lara capital
35,000
4-Mar
Equipment
1,325
J. Lara capital
1,325
6-Mar
Equipment
915
Accounts payable
915
7-Mar
Rent expenses
950
Cash
950
9-Mar
Equipment
5,300
Cash
3,000
Accounts payable
2,300
10-Mar
Prepaid insurance
1,800
Cash
1,800
13-Mar
Accounts receivable
3,895
Landscaping income
3,895
14-Mar
Supplies
380
Accounts payable
380
15-Mar
Accounts receivable
2,832
Landscaping income
2,832
17-Mar
Gas and oil expenses
180
cash
180
19-Mar
Cash
1,864
Landscaping income
1,864
22-Mar
Accounts payable
500
Cash
500
24-Mar
Cash
800
Accounts receivable
800
28-Mar
Accounts receivable
1,830
Landscaping income
1,830
29-Mar
Utility expenses
260
Cash
260
30-Mar
Salary expenses
1,850
Cash
1,850
31-Mar
J. Lara, Drawings
1,500
Cash
1,500
T- Accounts:
Cash
1-Mar
35,000
950
7-Mar
19-Mar
1,864
3,000
9-Mar
24-Mar
800
1,800
10-Mar
180
17-Mar
500
22-Mar
260
29-Mar
1,850
30-Mar
1,500
31-Mar
37,664
10,040
Ending balance
27,624
J. Lara capital
35,000
1-Mar
1,325
4-Mar
36,325
Equipment
4-Mar
1,325
6-Mar
915
9-Mar
5,300
7,540
Accounts payable
22-Mar
500
915
6-Mar
2,300
9-Mar
380
14-Mar
500
3,595
3,095
Accounts receivable
13-Mar
3,895
800
24-Mar
15-Mar
2,832
28-Mar
1,830
8,557
800
7,757
Landscaping income
3,895
13-Mar
2,832
15-Mar
1,864
19-Mar
1,830
28-Mar
10,421
Trail balance:
Details
Debit
Credit
Cash
27,624
Accounts receivable
7,757
Supplies
380
Prepaid insurance
1,800
Equipment
7,540
Accounts payable
3,095
J. Lara capital
36,325
J. Lara, Drawings
1,500
Landscaping income
10,421
Salary expenses
1,850
Rent expenses
950
Gas and oil expenses
180
Utility expenses
260
Total
49,841
49,841
| Date | Description | Debit | Credit |
| a) Jan. 1 | Leased sound system | 155,159 | - |
| Lease obligation | - | 155,159 | |
| b) Jan. 1 | Rent expenses | 1,750 | - |
| Cash | - | 1,750 | |
| Date | Description | Debit | Credit |
| 1-Mar | Cash | 35,000 | |
| J. Lara capital | 35,000 | ||
| 4-Mar | Equipment | 1,325 | |
| J. Lara capital | 1,325 | ||
| 6-Mar | Equipment | 915 | |
| Accounts payable | 915 | ||
| 7-Mar | Rent expenses | 950 | |
| Cash | 950 | ||
| 9-Mar | Equipment | 5,300 | |
| Cash | 3,000 | ||
| Accounts payable | 2,300 | ||
| 10-Mar | Prepaid insurance | 1,800 | |
| Cash | 1,800 | ||
| 13-Mar | Accounts receivable | 3,895 | |
| Landscaping income | 3,895 | ||
| 14-Mar | Supplies | 380 | |
| Accounts payable | 380 | ||
| 15-Mar | Accounts receivable | 2,832 | |
| Landscaping income | 2,832 | ||
| 17-Mar | Gas and oil expenses | 180 | |
| cash | 180 | ||
| 19-Mar | Cash | 1,864 | |
| Landscaping income | 1,864 | ||
| 22-Mar | Accounts payable | 500 | |
| Cash | 500 | ||
| 24-Mar | Cash | 800 | |
| Accounts receivable | 800 | ||
| 28-Mar | Accounts receivable | 1,830 | |
| Landscaping income | 1,830 | ||
| 29-Mar | Utility expenses | 260 | |
| Cash | 260 | ||
| 30-Mar | Salary expenses | 1,850 | |
| Cash | 1,850 | ||
| 31-Mar | J. Lara, Drawings | 1,500 | |
| Cash | 1,500 |
