Instructions: The following transactions were completed in the month of March, 2
ID: 2462225 • 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
Debit credit 101 Cash 20000 106 Accounts Receivable 1600 124 Office Supplies 2700 128 Prepaid Insurance 1800 131 Prepaid Rent 2100 153 Trucks 2160 154 Accumulated Depreciation - Trucks 167 Hauling Equipment 1600 168 Accumulated Depreciation - Hauling Equipment 173 Crane 8500 174 Accumulated Depreciation - Crane 201 Accounts Payable 600 301 Khandan Miller - Capital 20000 302 Khandan Miller - Owner Withdrawals 1300 401 Landscape Services 1225 611 Depreciation Expense - Trucks 2700 612 Depreciation Expense - Hauling Equipment 1626 614 Depreciation Expense - Crane 4845 622 Salary Expense 3200 637 Insurance Expense 1800 640 Rent Expense 2100 650 Office Supplies Expense 2700 671 Gas & Oil Expense 84 688 Telephone Expense 184 690 Utility Expense 200 42564 total 40460