Parkland Acc 101 Chapter 2 practice Problem

| September 28, 2018

Chapter 2Analyzing TransactionsPractice ProblemUsing the information for Jim s Lawn Care for the month of May and the attached Excel worksheets:Analyze and record each transaction into the appropriate T-account, thenJournalize each transaction in a two-column journal in proper formPost the journal to the general ledger inserting appropriate posting references.Prepare a Trial Balance as of May 31st.May 1 Jim Hamilton began a lawn care business in May by depositing $800 in a business bank account in exchange for capital stock.May 2 Purchased lawnmowers and other lawn equipment on account, $1,000.May 3 Paid cash for supplies, $50.May 4 Performed lawn care services for credit customers and billed them $700.May 5 Received $700 cash from the customers billed in #4.May 6 Paid $1,000 cash for the lawn equipment purchased in #2.May 7 Paid for an advertisement in a local newspaper, $150.May 8 Performed lawn care services for cash customers and immediately received $420.May 9 Paid wages to a part-time assistant, $85.May 10 Performed lawn care services for credit customers and billed them $600.May 11 Received an invoice from Gas-n-Go for gasoline purchased on account during the month, $110. The invoice will not be paid until next month.May 12 At the end of May, Jim s Lawn Care paid dividends of $100.

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