The following transactions were completed in the month of March, 20X3. Please us

Question

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, $1,300 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 131 Prepaid Rent 153 Trucks 154 Accumulated Depreciation - Trucks 167 Hauling Equipment 168 Accumulated Depreciation - Hauling Equipment 173 Crane 174 Accumulated Depreciation - Crane 201 Accounts Payable 301 Khandan Miller - Capital 302 Khandan Miller - Owner Withdrawals 401 Landscape Services 611 Depreciation Expense - Trucks 612 Depreciation Expense - Hauling Equipment 614 Depreciation Expense - Crane 622 Salary Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 671 Gas & Oil Expense 688 Telephone Expense 690 Utility Expense Instructions 1 Analyze the transactions and journalize the transactions in the general journal. 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, $1,300

Explanation / Answer

Date

Description

Debit

Credit

Day 1

Cash

$20,000

To Owner’s Capital- khandan miller

$20,000

Prepaid rent

$,2100

To Cash

$2,100

Hauling Equipment

$1,600

To Owner’s capital

$1,600

Truck

$2,160

To Accounts payable

$2,160

Crane

$8,500

To Cash

$4,000

To Accounts payable

4,500

Day 10

Prepaid insurance

$1,800

To Cash

$1,800

13

Account receivable

$1,225

To Landscaping service

$1,225

Office supplies

$200

To Cash

$80

To Accounts payable

120

Day 14

Office Supplies

$2,500

To Accounts payable

$2,500

Day 15

Account receivable

$4,845

To Landscaping revenue

$4,845

Day 17

Gas & oil expense

$84

To Cash

$84

Day 19

Cash

$2,700

To Service revenue

$2,700

Day 22

Accounts payable

$600

To Cash

$600

Day 24

Cash

$500

To Account receivable

$500

Day 29

Telephone expense

$184

To cash

$184

Day 29

Utilities expense

$200

To Accounts payable

$200

Day 30

Salary expense

$3,200

To Cash

$3,200

Day 31

Drawings - Khandan

$1,300

To Cash

$1,300

Date

Description

Debit

Credit

Day 1

Cash

$20,000

To Owner’s Capital- khandan miller

$20,000

Prepaid rent

$,2100

To Cash

$2,100

Hauling Equipment

$1,600

To Owner’s capital

$1,600

Truck

$2,160

To Accounts payable

$2,160

Crane

$8,500

To Cash

$4,000

To Accounts payable

4,500

Day 10

Prepaid insurance

$1,800

To Cash

$1,800

13

Account receivable

$1,225

To Landscaping service

$1,225

Office supplies

$200

To Cash

$80

To Accounts payable

120

Day 14

Office Supplies

$2,500

To Accounts payable

$2,500

Day 15

Account receivable

$4,845

To Landscaping revenue

$4,845

Day 17

Gas & oil expense

$84

To Cash

$84

Day 19

Cash

$2,700

To Service revenue

$2,700

Day 22

Accounts payable

$600

To Cash

$600

Day 24

Cash

$500

To Account receivable

$500

Day 29

Telephone expense

$184

To cash

$184

Day 29

Utilities expense

$200

To Accounts payable

$200

Day 30

Salary expense

$3,200

To Cash

$3,200

Day 31

Drawings - Khandan

$1,300

To Cash

$1,300

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