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    1-3B WT Oyo Ap

    Uploaded by

    William Bruckner
    Bethany Hartman is starting a lawn service business called Hartman's Lawn Service. The business uses various accounts including cash, supplies, insurance, accounts payable, and owner's equity. Over four transactions the owner paid rent, withdrew cash, paid for mower repairs and advertising, which decreased various asset and owner's equity accounts.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    1-3B WT Oyo Ap

    Uploaded by

    William Bruckner
    46 views3 pages
    Bethany Hartman is starting a lawn service business called Hartman's Lawn Service. The business uses various accounts including cash, supplies, insurance, accounts payable, and owner's equity. Over four transactions the owner paid rent, withdrew cash, paid for mower repairs and advertising, which decreased various asset and owner's equity accounts.

    Original Title

    1-3B WT OYO AP (2)

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    © © All Rights Reserved

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    Bethany Hartman is starting a lawn service business called Hartman's Lawn Service. The business uses various accounts including cash, supplies, insurance, accounts payable, and owner's equity. Over four transactions the owner paid rent, withdrew cash, paid for mower repairs and advertising, which decreased various asset and owner's equity accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    46 views3 pages

    1-3B WT Oyo Ap

    Uploaded by

    William Bruckner
    Bethany Hartman is starting a lawn service business called Hartman's Lawn Service. The business uses various accounts including cash, supplies, insurance, accounts payable, and owner's equity. Over four transactions the owner paid rent, withdrew cash, paid for mower repairs and advertising, which decreased various asset and owner's equity accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 3

    1-3B Work Together

    Nancy Iott is starting Iott's Landscaping, a small service business. This business uses the accounts shown in the equation below.

    Directions: For each transaction, complete the following:


    a. Analyze the transacton to determine which accounts are affected.
    b. Type the amount in the appropriate columns using a plus sign if the account increases or a minus sign if the account decreases.
    c. The new balance for each account should automtically calculate. Determine that the equation is still in balance. Add the left side. Enter the total under left
    Left side total. Add the right side; enter the total under Right Side total.
    d. Answers for b & c should be typed in shaded cells
    Trans. # Assets = Liabilities + Owner's Equity

    Left Accts Rec- Right (revenue,


    Side Kathy Prepaid Accts Pay - Accts Pay - Side expense or
    total Cash + Doyle Supplies + Insurance = Gertens + Granite Rock + Nancy Iott, Capital total withdraw)

    Begin.
    Bal. 7,770 70 2,850 3,200 50 0 13,840
    #10 (235) (235) Exp
    13,655 New Bal. 7,535 70 2,850 3,200 50 0 13,605 13,655
    #11 (100) (100) WD
    13,505 New Bal. 7,435 70 2,850 3,200 50 0 13,505 13,505

    ** For transactions that change owner's equity, write in parenthesis a description of the transaction to the right of the amount. **
    Transactions
    10. Paid cash for cell phone bill, $235.00
    11. Owner withdrew equity in the form of cash, $100.00
    1-3B On Your Own
    Roger Scofield is starting Rog's Ferrier Service, a small service business. Rog's uses the accounts shown in the equation below.

    Directions: For each transaction, complete the following:


    a. Analyze the transacton to determine which accounts are affected.
    b. Type the amount in the appropriate columns using a plus sign if the account increases or a minus sign if the account decreases.
    c. The new balance for each account should automtically calculate. Determine that the equation is still in balance. Add the left side. Enter the total under left
    Left side total. Add the right side; enter the total under Right Side total.
    d. Answers for b & c should be typed in shaded cells
    Trans. # Assets = Liabilities + Owner's Equity

    Left Accts Rec- Right (revenue,


    Side Canyon Prepaid Accts Pay - Accts Pay - Big Side expense or
    total Cash + Ranch Supplies + Insurance = Cenex + Dee's Tack + Roger Scofield, Capital total withdraw)

    Begin.
    Bal. 4,875 250 1,525 2,500 0 75 9,075
    #10 (150) (150) WD
    9000 New Bal. 4,725 250 1,525 2,500 0 75 8,925 9000
    #11 (375) (375) Exp
    8625 New Bal. 4,350 250 1,525 2,500 0 75 8,550 8625

    ** For transactions that change owner's equity, write in parenthesis a description of the transaction to the right of the amount. **
    Transactions
    10. Owner withdrew equity in the form of cash, $150.00
    11. Paid cash for rent, $375.00
    1-3B Application Problem
    Bethany Hartman is starting Hartman's Lawn Service, a small service business. Harman's uses the accounts shown in the equation below.

    Directions: For each transaction, complete the following:


    a. Analyze the transacton to determine which accounts are affected.
    b. Type the amount in the appropriate columns using a plus sign if the account increases or a minus sign if the account decreases.
    c. The new balance for each account should automtically calculate. Determine that the equation is still in balance. Add the left side. Enter the total under left
    Left side total. Add the right side; enter the total under Right Side total.
    d. Answers for b & c should be typed in shaded cells
    Trans. # Assets = Liabilities + Owner's Equity

    Left Accts Rec - Accts Pay - Right (revenue,


    Side Dakota Prepaid Accts Pay - Hickman Bethany Hartman, Side expense or
    total Cash + Manufacuring Supplies + Insurance = Knapp Co. + Mowing + Capital total withdraw)

    Begin.
    Bal. 5,875 0 175 1,800 0 0 7,850
    #11. (400) (400) Exp
    7,450 New Bal. 5,475 0 175 1,800 0 0 7,450 7,450
    #12. (300) (300) WD
    7,150 New Bal. 5,175 0 175 1,800 0 0 7,150 7,150
    #13. (125) (125) Exp
    7,025 New Bal. 5,050 0 175 1,800 0 0 7,025 7,025
    #14 (75) (75) Exp
    6,950 New Bal. 4,975 0 175 1,800 0 0 6,950 6,950

    ** For transactions that change owner's equity, write in parenthesis a description of the transaction to the right of the amount. **
    Transactions
    11. Paid cash for rent, $400.00
    12. Owner withdrew equity in the form of cash, $300.00
    13. Paid cash for mower repairs, $125.00
    14. Paid cash for advertising, $75.00

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