Duvall Landscaping, Spring 2007-2008
Business Transactions

    Chart of Accounts:
 

110  Cash
120  Landscape Trucks
130  Computer Equipment
140  Lawn Equipment
150  Garden Supplies
 		 210  Bank of America
220  Redmond Lawn and Garden
310  Your Name, Capital
320  Your Name, Drawing
410  Sales
510  Purchases
610  Rent Expense
 

Date

 Transaction
Feb 7

You will be opening a new business called Duvall Landscaping. You will start off with the following assets and one liability. You have put in $49,500 of your own money and borrowed $60,000 from Bank of America to purchase needed assets. Below is a list of what you will be starting with:

 

Cash

  $10,000
Landscape Trucks $80,000
Computer Equipment $12,000
Lawn Equipment  $ 7,500
Bank of America (Note Payable) $60,000
Your Name, Capital $49,500

Today you will be preparing a Balance Sheet.
8 Record the opening entry for Duvall Landscaping based on the amounts shown on the beginning balance sheet (listed above)--Memo 1 (written as M1)
8 Purchased a computer for cash from IBM, $3,500. Check 101 (written as C101)
       11 Purchased a new lawn edger for cash from John Deere, Inc., $400.  (C102)

11

 Borrowed $5,000 from Bank of America. NP 2 (for Notes Payable 2)

14

 Purchased a new lawn mower for cash from John Deere, Inc., $850. (C

103)

14

 Purchased plant supplies on account from Redmond Lawn and Garden, $960.
Purchase Invoice 1. (P1)
       25 Purchased garden supplies for cash from Redmond Lawn and Garden, $320. (C104)
       25 Purchased fertilizer on account from Redmond Lawn and Garden, $200. (P2)
26 Paid on account to Bank of America, $1,000. (C105)
26 You invested more money into the business, $6,000. Receipt 101. (R101)
       28 Purchased a lawn trailer on account from Redmond Lawn and Garden, $2,800. (P3)
28 Paid cash for a new computer for the office from IBM, $2,300.  (C106)