Jim's Lawncare

RECORDING BUSINESS TRANSACTIONS
Jims Lawn Care Solution

Assets
Accounts
Lawn
Cash
+ Receivable + Supplies + Equipment
1
800
Bal.
800
2
1,000
Bal.
800
1,000
3
(50)
50
Bal.
750
50
1,000
4
700
Bal.
750
700
50
1,000
5
700
(700)
Bal.
1,450
50
1,000
6
(1,000)
Bal.
450
50
1,000
7
(150)
Bal.
300
50
1,000
8
420
Bal.
720
50
1,000
9
(85)
Bal.
635
50
1,000
10
600
Bal.
635
600
50
1,000
11
Bal.
635
600
50
1,000
12
(100)
Bal.
535
600
50
1,000
Liabilities
+
Accounts
=
Payable +
=
=
=
1,000
=
1,000
=
=
1,000
=
=
1,000
=
=
1,000
=
(1,000)
=
=
=
=
=
=
=
=
=
=
110
=
110
=
=
110
Owner Equity
J. Hamilton,
Capital ($) Description
800 Investment
800
800
800
700 Revenue
1,500
1,500
1,500
(150) Adv. Exp.
1,350
420 Revenue
1,770
(85) Wage Exp.
1,685
600 Revenue
2,285
(110) Gas Exp.
2,175
(100) Withdrawal
2,075
RECORDING BUSINESS
TRANSACTIONS
Jim's Lawn Care
1. Jim Hamilton began a law

in a business bank account.
2. Purchased lawnmowers a
$1,000.
3. Paid cash for supplies, $5
4. Performed lawn care serv
$700.
5. Received $700 cash from
6. Paid $1,000 cash for the l
7. Paid for an advertisement
8. Performed lawn care serv
received $420.
9. Paid wages to a part-time
10. Performed lawn care ser
$600.
11. Received an invoice from
account during May, $110. T
month.
12. At the end of May, Jim w
personal use.
Steps:
a. Identify compents of Accounting equation affecte
b. For each component affected part a., determine i
c. Assign dollar amount and record.
G BUSINESS
IONS
Care
ilton began a lawn care business in May by depositing $800

ss bank account.
ed lawnmowers and other lawn equipment on account,
h for supplies, $50.

ed lawn care services for credit customers and billed them
d $700 cash from the customers billed in #4.

000 cash for the lawn equipment purchased in #2.
an advertisement in a local newspaper, $150.
ed lawn care services for cash customers and immediately
420.
ges to a part-time assistant, $85.
med lawn care services for credit customers and billed them
ed an invoice from Gas-n-Go for gasoline purchased on

ring May, $110. The invoice will not be paid until next
end of May, Jim withdrew $100 from the business for

se.
nting equation affected. (Asset, Liability, capital, revenue, expense or withdrawal.

ed part a., determine if it "increased" or "decreased".
Jim's Lawn Care

Unadjusted Trail Balance
May 31, 20xx
Dr
Cr
Cash
Accounts Receivable
Supplies
Lawn Equipment
Accounts Payable
Jim Hamilton, Capital
Jim Hamilton, Drawing
Fees Earned
Advertising Expense
Gasoline Expense
Wages Expense
535
600
50
1,000
Total
2,630
110
800
100
1,720
150
110
85
2,630
GENERAL LEDGER - Income Statement accounts

Fees Earned
Date
Item
4
8
10
Post
Ref.
Dr.
Cr.
700
420
600
J1
J1
J1
Advertising Expense
Date
Item
Post
Ref.
J1
Dr.
Cr.
150
Gasoline Expense
Date
Item
11
Post
Ref.
J1
Wages Expense
Post
Dr.
110
Cr.
Date
9
Item
Ref.
J1
Dr.
Cr.
85
atement accounts
41
Balance
Dr.
Cr.
700
1,120
1,720
50
Balance
Dr.
Cr.
150
51
Balance
Dr.
Cr.
110
52
Balance
Dr.
Cr.
85
GENERAL LEDGER - Balance Sheet accounts

Cash
Date
5/1
1
3
5
6
7
8
9
12
Item
Balance
Post
Ref.
Dr.
Cr.
J1
J1
J1
J1
J1
J1
J1
J1
800
50
700
1,000
150
420
85
100
Accounts Receivable
Date
5/1
4
5
10
Item
Balance
Post
Ref.
Dr.
Cr.
J1
J1
J1
700
700
600
Supplies
Date
5/1
3
Item
Balance
Post
Ref.
Dr.
Cr.
J1
50
Lawn Equipment
Date
5/1
2
Item
Balance
Post
Ref.
Dr.
Cr.
J1
1,000
Accounts Payable
Date
5/1
2
6
11
Item
Balance
Post
Ref.
J1
J1
Dr.
Cr.
1,000
1,000
J1
110

Date
Item
Post
Ref.
Dr.
Cr.
5/1
1
Balance
J1
800
Jim Hamilton, Drawing

Date
5/1
12
Item
Balance
Post
Ref.
Dr.
J1
100
Cr.
Sheet accounts
11
Balance
Dr.
Cr.
800
750
1,450
450
300
720
635
535
12
Balance
Dr.
700
600
Cr.
14
Balance
Dr.
Cr.
50
17
Balance
Dr.
Cr.
1,000
21
Balance
Dr.
Cr.
1,000
110
31
Balance
Dr.
Cr.
800
32
Balance
Dr.
100
Cr.
General Journal
Date
Description (Account title)

1 Cash
2 Lawn Equipment
Accounts Payable
3 Supplies
Cash
4 Acounts Receivable
Fees Earned (Revenue)
5 Cash
Accounts Receivable
6 Accounts Payable
Cash
7 Adverstising Expense
Cash
8 Cash
9 Wages Expense
Cash
10 Accounts Receivable
11 Gasoline Expense
Accounts Payable
12 Jim Hamilton, Drawing
Cash
Page 1
Post ref.
11
31
17
21
14
11
12
41
11
12
21
11
50
11
11
41
52
11
12
41
51
21
32
11
Debit
Credit
800
TRANSACTION
Jim's Lawn Car
800
1000
1. Jim Hamilton began
1000
50
2. Purchased lawnmow
3. Paid cash for suppli
50
700
4. Performed lawn car
5. Received $700 cash
700
700
6. Paid $1,000 cash fo
7. Paid for an advertis
700
1000
8. Performed lawn car
9. Paid wages to a par
1000
150
10. Performed lawn ca
11. Received an invoic
150
12. At the end of May,
420
Steps:
a. Identify compe
b. For each compo
c. Identify increae
d. Assign dollar am
420
85
85
600
600
110
110
100
100
TRANSACTIONS
im's Lawn Care
. Jim Hamilton began a lawn care business in May by depositing $800 in a business bank account.
. 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.
0. Performed lawn care services for credit customers and billed them $600.
1. Received an invoice from Gas-n-Go for gasoline purchased on account during May, $110. The invoice will not be paid u
2. At the end of May, Jim withdrew $100 from the business for personal use.
. Identify compents of Accounting equation affected. (Asset, Liability, capital, revenue, expense or
. For each component affected part a., determine if it "increased" or "decreased".
. Identify increae and decrease as debits or credits
. Assign dollar amount and record.
e invoice will not be paid until next month.
l, revenue, expense or withdrawal.
CHART OF ACCOUNTS
Jim's Lawn Care

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RECORDING BUSINESS TRANSACTIONS

Jims Lawn Care Solution

1. Jim Hamilton began a law

ilton began a lawn care business in May by depositing $800

h for supplies, $50.

d $700 cash from the customers billed in #4.

ed an invoice from Gas-n-Go for gasoline purchased on

end of May, Jim withdrew $100 from the business for

nting equation affected. (Asset, Liability, capital, revenue, expense or withdrawal.

Jim's Lawn Care

GENERAL LEDGER - Income Statement accounts

GENERAL LEDGER - Balance Sheet accounts

Jim Hamilton, Capital

Jim Hamilton, Drawing

Description (Account title)

1. Jim Hamilton began

3. Paid cash for suppli

4. Performed lawn car

5. Received $700 cash

6. Paid $1,000 cash fo

7. Paid for an advertis

8. Performed lawn car

9. Paid wages to a par

10. Performed lawn ca

11. Received an invoic

12. At the end of May,

. Purchased lawnmowers and other lawn equipment on account, $1,000.

. Paid cash for supplies, $50.

. 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.

. Paid wages to a part-time assistant, $85.

e invoice will not be paid until next month.

l, revenue, expense or withdrawal.

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Jim's Lawncare

Jim's Lawncare