Managerial Accounting: E2-61 Lawlor Lawn Service completed the following transactions during May
Managerial Accounting E2-61 Journalizing transactions, posting to T-accounts, and preparing a trial balance Exercise 2-61 continues with the consulting business of Lawlor Lawn Service begun in Exercise 1-47. Here you will account for Lawlor Lawn Service"s transactions as it is actually done in practice. Lawlor Lawn Service completed the following transactions during May: May 1 Received $1,700 and gave capital to Lawlor. Opened bank account titled Lawlor Lawn Service. 3 Purchased on account a mower, $1,200, and weed whacker, $240. The equipment is expected to remain in service for four years. 5 Purchased $30 of gas. Wrote check #1 from the new bank account. 6 Performed lawn services for client on account, $150. 8 Purchased $150 of fertilizer that will be used on future jobs. Wrote check #2 from the new bank account. 17 Completed landscaping job for client, received cash $800. 31 Received $100 on account from May 6 sale. Requirements 1. Open T-accounts: Cash; Accounts receivable; Lawn supplies; Equipment; Accounts payable; Lawlor, capital; Lawlor, drawing; Service revenue; and Fuel expense. 2. Journalize the transactions. Explanations are not required. 3. Post to the T-accounts. Key all items by date, and denote an account balance as Bal. Formal posting references are not required. 4. Prepare a trial balance at May 31, 2012.
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