Reference no: EM133104729
Question - Flora MacDonald has recently started her own flower shop called Flora's Flowers. Following are some of her transactions. Record the following transactions in proper journal form, post the transactions to the appropriate T-accounts and create a trial balance at July 31, 2017. (There is a template available for your use)
July 1 Flora contributed $5,000 in cash to the company.
July 2 The company purchased an old delivery van for $2,500 using $500 as a down payment and promising to pay $2,000 in 60 days.
July 4 The company purchased $500 in gardening equipment.
July 5 An insurance policy covering the next two years was purchased for $250.
July 7 Garden supplies of $200 were purchased from Lowes on credit.
July 10 Landscaping was done for clients in the amount of $700. Bills were mailed out to the clients.
July 14 Wages were paid to an employee in the amount of $250.
July 17 Did a last-minute landscaping job for a client as a favor and they paid the full invoice of $1,500 in cash.
July 21 Clients from the July 10th billing have paid $300.
July 23 Flora's Flowers paid Lowes $100 on account.
July 28 Landscaping services in the amount of $900 were provided. Clients were sent bills.
July 30 Gardening supplies in the amount of $125 were purchased from Home Depot.
The ledger accounts may be set up in T Account format.
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