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a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value in exchange for common stock.
b. On May 21, Elegant Lawns purchases office supplies on credit for $500.
c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.
d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.
For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts.

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anthougo

1) The analysis of transactions for Elegant Lawns using the accounting equation is as follows:

Transaction and Date       Assets     =      Liabilities       +        Equity

a. May 15:                          $7,000

                                         $3,000                                             $10,000

b. May 21:                            $500                 $500

c. May 25:                        $4,000                                              $4,000

d. May 30:                        $1,000               $1,000

Totals                             $15,500               $1,500                 $14,000

What is the accounting equation?

The accounting equation states that with each business transaction, the Assets = Liabilities + Equity.

2) The journal entries for the transactions are as follows:

a. May 15: Debit Cash $7,000

Debit Equipment $3,000

Credit Common Stock $10,000

b. May 21: Debit Office Supplies $500

Credit Accounts Payable $500

c. May 25: Debit Cash $4,000

Credit Service Revenue $4,000

d. May 30: Debit Cash $1,000

Credit Deferred Revenue $1,000

3) The T-accounts to represent ledger accounts are as follows:

Cash Account

Date         Account Titles            Debit     Credit

a. May 15     Common Stock    $7,000

c. May 25 Service Revenue    $4,000

d. May 30 Deferred Revenue  $1,000

Equipment Account

Date         Account Titles            Debit     Credit

a. May 15     Common Stock   $3,000

Office Supplies

Date         Account Titles            Debit     Credit

b. May 21   Accounts Payable    $500

Service Revenue

Date         Account Titles            Debit     Credit

c. May 25 Cash                                       $4,000

Deferred Revenue

Date         Account Titles            Debit     Credit

d. May 30: Cash                                      $1,000

Accounts Payable

Date         Account Titles            Debit     Credit

b. May 21: Office Supplies                       $500

Common Stock

Date         Account Titles            Debit     Credit

a. May 15  Cash                                        $7,000

a. May 15  Equipment                             $3,000

Transaction Analysis:

a. May 15: Cash $7,000 Equipment $3,000 Common Stock $10,000

b. May 21: Office Supplies $500 Accounts Payable $500

c. May 25: Cash $4,000 Service Revenue $4,000

d. May 30: Cash $1,000 Deferred Revenue $1,000

Learn more about the accounting equation at https://brainly.com/question/24401217

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