Parkland Acc 101 Chapter 1 practice Problem

| September 29, 2018

CHAPTER 1PRACTICE PROBLEMRecord the following business transactions for Jim s Lawn Care for the month of May and prepare the financial statements at the end of May. Use the attached Excel file to complete the problem.Jim Hamilton began a lawn care business in May by depositing $800 in a business bank account in exchange for capital stock.Purchased lawnmowers and other lawn equipment on account, $1,000.Paid cash for supplies, $50.Performed lawn care services for credit customers and billed them $700.Received $700 cash from the customers billed in #4.Paid $1,000 cash for the lawn equipment purchased in #2.Paid for an advertisement in a local newspaper, $150.Performed lawn care services for cash customers and immediately received $420.Paid wages to a part-time assistant, $85.Performed lawn care services for credit customers and billed them $600.Received an invoice from Gas-n-Go for gasoline purchased on account during May, $110. The invoice will not be paid until next month.At the end of May, Jim s Lawn Care paid dividends of $100.

Get a 30 % discount on an order above $ 5
Use the following coupon code:
CHRISTMAS
Order your essay today and save 30% with the discount code: CHRISTMASOrder Now
Positive SSL