Answer to Question #213451 in Accounting for zuby

Question

Reliable Lawn Care Service, Inc

Apr.1 The company was organized and received USD 400,000 cash from the owners in exchange for capital

stock issued.

4 The company bought equipment for cash, USD 101,760.

9 The company bought additional mowing equipment that cost USD 9,120 and agreed to pay for it in 30 days.

15 Cash received for services performed to date was USD 3,840.

16 Amount due from a customer for services performed totaled USD 5,280.

30 Of the receivable (see April 16), USD 3,072 was collected in cash.

30 Miscellaneous operating expenses of USD 6,240 were paid during the month.

30 An order was placed for miscellaneous equipment costing USD 28,800.

a. Prepare a summary of transactions Determine balances after each

transaction to show that the basic accounting equation balances.

b. Prepare a balance sheet as of April 30.

Answer 1

Part a

Part b