03 Feb Waters Landscaping, Inc., completed the following
Waters Landscaping, Inc., completed the following transactions during its first month of operations for January 2012: a. Gary Waters invested $7,500 cash and a truck valued at $1 5,000 to start Waters Landscaping, Inc. The business issued common stock in exchange for these assets. b. Purchased $300 of supplies on account. c. Paid $1,200 for a six-month insurance policy. d. Performed landscape services for a customer and received $800 cash. e. Completed a $4,500 landscaping job on account. f. Paid employee salary, $600. g. Received $1,100 cash for performing landscaping services. h. Collected $1,500 in advance for landscaping service to be performed later. i. Collected $2,500 cash from a customer on account. j. Purchased fuel for the truck, paying $80 with a company credit card. Credit Accounts Payable. k. Performed landscaping services on account, $1,600. l. Paid the current month’s office rent, $750. m. Paid $50 on account. n. Paid cash dividends of $500. Requirements 1. Record each transaction in the general journal. Use the letter corresponding to each transaction as the transaction date. Explanations are not required. 2. Post the transactions that you recorded in Requirement 1 in the following T-accounts. 3. Prepare an unadjusted trial balance as of January 31, 2012. 4. Journalize and post the adjusting journal entries on January 31, 2012 based on the following information: a. Accrued salaries expense, $600. b. Depreciation expense, $375. c. R
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