Lara s Landscaping Service has the following chart of

accounts Assets
Lara’s Landscaping Service has the following chart of accounts:Assets 111 Cash 113 Accounts
Receivable 115 Supplies 117 Prepaid Insurance 124 Equipment Liabilities 221 Accounts
Payable Owner’s Equity 311 J. Lara, Capital 312 J. Lara, DrawingRevenue 411 Landscaping
Income Expenses 511 Salary Expense 512 Rent Expense513 Gas and Oil Expense 514
Utilities ExpenseThe following transactions were completed by Lara’s Landscaping Service:
Mar. 1 Lara deposited $ 35,000 in a bank account in the name of the business. 4 Lara invested
his personal landscaping equipment, with a fair market value of $ 1,325, in the business. 6
Bought a used trailer on account from Tow Sales, $ 915, Inv. No. 314. 7 Paid the rent for the
current month, $ 950, Ck. No. 1000. 9 Bought a used backhoe from Digger’s Equipment, $
5,300, paying $ 3,000 in cash and placing the balance on account, Inv. 4166, Ck. No. 1001.Mar.
10 Bought liability insurance for one year, $ 1,800, Ck. No. 1002. 13 Sold landscaping services
on account to Fredkey’s, $ 3,895, Inv. No. 100. 14 Bought supplies on account from Office
Requip, $ 380, Inv. No. 5172. 15 Sold landscaping services on account to C. Endel, $ 2,832,
Inv. No. 101. 17 Received and paid the bill from Commercial Services for gas and oil for the
equipment, $ 180, Ck. No. 1003. 19 Sold landscaping services for cash to Riston Company, $
1,864, Inv. No. 102. 22 Paid on account to Tow Sales, $ 500, Inv. No. 314, Ck. No. 1004. 24
Received on account from Fredkey’s, $ 800, Inv. No. 100. 28 Sold landscaping services on
account to Stevens, Inc., $ 1,830, Inv. No. 103. 29 Received and paid the telephone bill, $ 260,
Ck. No. 1005. 30 Paid the salary of the employee, $ 1,850, Ck. No. 1006. 31 Lara withdrew
cash for his personal use, $ 1,500, Ck. No. 1007. Required 1. Journalize the transactions in the
general journal, beginning on page 1. Write a brief explanation for each entry. 2. Write the name
of the owner on the Capital and Drawing accounts. 3. Post the journal entries to the general
ledger accounts. 4. Prepare a trial balance dated March 31, 20—.View Solution: Lara s
Landscaping Service has the following chart of accounts Assets
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