Give the follow Chart of Accounts and transactions…
Give the follow Chart of Accounts and transactions, prepare the general journal entries in the space provided below.
120 Accounts Receivable
130 Notes Receivable
140 Lawn Equipment
200 Accounts Payable
210 Notes Payable
220 Unearned Lawn Service Revenue
300 Capital, Art
400 Lawn Service Revenue
410 Interest Expense
420 Rent Expense
1/1/A Art invested $15,000 in his business to provide Lawn Care Services creating a business checking account.
1/1 A Art purchased lawn care equipment for $8500, paying $4,00 cash and signing a one-year note to the bank for the remaining $4,500 to be paid in monthly installments.
1/1 /A Rented a storage are to store equipment, paying the monthly amount of $125.
1/12/A Art provided lawn care services to the local apartment complex, earning $22,150 and received cash for that amount.
1/15/A Art signed a contract for providing lawn care services to the local school district. He received a $1,000 check for providing the next 2 months of lawn service.
1/31/A Art paid the first payment on the note ($38.00 interest plus $375.00 principle repayment)