Instructions: The following transactions were completed in the month of March, 2
ID: 2462208 • Letter: I
Question
Instructions:
The following transactions were completed in the month of March, 20X3. Please use the appropriate accounts in the attached Chart of Accounts. Day 1 Khandan deposited $20,000 in a bank account in the name of the business. 1 Paid the rent for the 3 months, $2,100 1 Khandan invested her personal Hauling equipment, with a fair market value of $1,600 in the business. The equipment has a life expectancy of 5 years. 1 Purchased a used Truck on account from Jean Sales, for $2,160. The life expectancy of the trailer is 3 years. 1 Purchased a used Crane from Earth Equipment for $8,500, paying $4,000 in cash and placing the balance on account; the Crane has life expectancy of 4 years 10 Purchased Liability insurance for one year, $1,800 13 Sold landscaping services on account to Leah Corp., $1,225 13 Purchased supplies for $200, 40% was cash 14 Purchased supplies on account from Parra George, $2,500 15 Sold Landscaping services on account to Gloria Inc, $4,845 17 Received and paid the bill from Tonya Inc. for gas and oil for the equipment, $84 19 Sold landscaping services for cash to Jonathan Company, $2,700 22 Paid on account - Jean Sales, a creditor, $600 24 Received on account from Leah Corp, a customer, $500 28 Sold landscaping services on account to Rayna Corp., $1,626 29 Received and paid the telephone bill, $184 29 Received the utilities bill, $200 30 Paid the salary of the employee, $3,200 31 Khandan withdrew cash for her personal use, $1,300Explanation / Answer
Day
Account title and description
Debit
Credit
1
Cash
20000
Khandan Miller – Capital
20000
1
Rent Expense
2100
Cash
2100
1
Hauling Equipment
1600
Capital
1600
1
Truck
2160
Jean sales
2160
1
Crane
8500
Cash
4000
Earth equipment
4500
10
Insurance
1800
Cash
1800
13
Cash
1225
Landscape Services
1225
13
Supplies expense
200
Cash
80
Account payable
120
14
Office Supplies
2500
Parra George
2500
15
Gloria inc
4845
Landscape services
4845
17
Gas & Oil Expense
84
Tonya inc
84
19
Cash
2700
Services
2700
22
Jean sales
600
Cash
600
24
Cash
500
Leah corp.
500
28
Ranya corp.
1626
Services
1626
29
Telephone Expense
184
Cash
184
29
Utilities expense
200
Cash
200
30
Salary
3200
Cash
3200
31
Khandan -Drawings
1300
Cash
1300
Day
Account title and description
Debit
Credit
1
Cash
20000
Khandan Miller – Capital
20000
1
Rent Expense
2100
Cash
2100
1
Hauling Equipment
1600
Capital
1600
1
Truck
2160
Jean sales
2160
1
Crane
8500
Cash
4000
Earth equipment
4500
10
Insurance
1800
Cash
1800
13
Cash
1225
Landscape Services
1225
13
Supplies expense
200
Cash
80
Account payable
120
14
Office Supplies
2500
Parra George
2500
15
Gloria inc
4845
Landscape services
4845
17
Gas & Oil Expense
84
Tonya inc
84
19
Cash
2700
Services
2700
22
Jean sales
600
Cash
600
24
Cash
500
Leah corp.
500
28
Ranya corp.
1626
Services
1626
29
Telephone Expense
184
Cash
184
29
Utilities expense
200
Cash
200
30
Salary
3200
Cash
3200
31
Khandan -Drawings
1300
Cash
1300