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Download RECORDING BUSINESS TRANSACTIONS Jim's Lawn Care, Inc. 1. Jim Hamilton began a lawn care business in May by forming a corporation and depositing $800 in a business bank account. 2. Purchased lawnmowers and other lawn equipment on account, $1,000. 3. Paid cash for supplies, SSO. 4. Performed lawn care services for credit customers and billed them $700. 5. Received $700 cash from the customers billed in #4. 6. Paid S1,000 cash for the lawn equipment purchased in #2. 7. Paid for an advertisement in a local newspaper, SI SO. 8. Performed lawn care services for cash customers and immediately received $420, 9. Paid wages to a part-time assistant, $85. 10. Performed lawn care services for credit customers and billed them $600. 11. Received an invoice from Gas-n-Go for gasoline purchased on account during May, $110. The invoice will not be paid until next month. 12. At the end of May, the business paid Jim a dividend of $100. 3 14 Jim's Lawn Care Assets Liability Accounts Supplies Equipment Accounts Receivable Payable Equity Stockholder Equity Explanation $800.00 SR00.00 Dep cash into business BAI $800,00 0 0 D 0 500.00 $1000.00 $1000.00 Purchased Lawn Equipment on Bccount Bal. 5000.00 $800.00 0 0 51000,00 51000.00 $800.00 3 (330.00) 550.00 purchased supplies for cash $750.00 0 550.00 $1000,00 51000.00 00 OORS $700,00 $700.00 Increase revenge Ball 5750.00 $700.00 $50.00 $1000.00 51000.00 51500.00 5700.00 (5700.00) Cash received from customers Ra 51450.00 0 350.00 $1000,00 (1000.00) 51500.00 6 (51000.00) (5100000) Pasd accounts payable 3450.00 0 $50.00 51000.00 31500.00 ($150.00) ($150.00) Pald and expense 5300.00 0 550.00 $100.00 51000.00 0 51350,00 1 5420,00 54.20.00 Increase revenue 5720.00 0 $50.00 51000.00 0 51770.00 6 (185.00) (325.00 Paidwae expen 5635 0 550.00 31000.00 0 $165.00 OT 0.00 $600.00 $15.00 $400,00 550.00 100.0 11000.00 0 RES 11 000116 1. Real .. 00 $50.00 51000.00 110 1170 11 . SID 100 HOTLIN for 110 1911.09 LE Jim's Lawn Care Income Statement r the Month Ended May 31, 20 Fees Earned $ Operating Expenses: Advertisir $ Gasoline Expense Wages Expense Total Oper $ $ Net Income $ $ M. Jim's Lawn Care Statement of Retained Earnings For the Month Ended May 31, 2020 Retained Earnings, May 1, $ $ Net Incomi $ $ Dividends* $ Change in Retained Earnini $ $ Retained Earnings, May 31, 20$ *Note: If this is the first month of business, Retained Earnings will be $0. **Hint: show this as a deduction from net income using(). Jim's Lawn Care Balance Sheet May 31, 2020 Assets Cash Accounts Receivable Supplies Lawn Equipment Total Asset $ $ Llabilities Accounts PS Total Liabil $ $ Equity Stockholders' Equity Common S s Retained Earn $ Total Stock $ $ Total Liabil $ $ SUL 3 14 A

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