Question

Question:For each transaction,

(3) post the entry using T-accounts to represent ledger accounts.

Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601); and Landscaping Expense (696).

a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing \(7,000 in cash along with equipment having a \)3,000 value in exchange for common stock.

b. On May 21, Elegant Lawns purchases office supplies on credit for \(500.

c. On May 25, Elegant Lawns receives \)4,000 cash for performing landscaping services.

d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.

Short answer

Answer

Total cash account amounts to $12,000.

Step-by-step solution

Ledger Account

A ledger account is the specific record of all debits and credits of a particular item like cash, inventory, expenses, etc.

The collection of all ledger accounts is called the general ledger.

 Step 2:

Cash Account No. 101
Date	PR	Debit	Credit	Balance
May 15	G1	$ 7,000		$ 7,000
25	G1	4,000		11,000
30	G1	1,000		12,000

Office Supplies Account No. 124
Date	PR	Debit	Credit	Balance
May 21	G1	$ 500		$ 500

Equipment Account No. 167
Date	PR	Debit	Credit	Balance
May 25	G1	$ 4,000		$ 4,000

Accounts payable Account No. 201
Date	PR	Debit	Credit	Balance
May 21	G1		$ 500	$ 500

Unearned landscaping revenue Account No. 236
Date	PR	Debit	Credit	Balance
May 30	G1	$ 1,000		$ 1,000

Common Stock Account No. 307
Date	PR	Debit	Credit	Balance
May 15	G1	$ 10,000		$ 10,000

Landscaping Revenue Account No. 403
Date	PR	Debit	Credit	Balance
May 25	G1	$ 4,000		$ 4,000