Lawlor Lawn Service completed the following transactions during May:
May 1. Received 1,700 and gave capital to Lawlor. Opened bank account titled Lawlor Lawn Service.
3. Purchased on account a mower,1,200, and weed whacker, 240. The equipment is expected to remain in service for four years.
5. Purchased30 of gas. Wrote check #1 from the new bank account.
6. Performed lawn services for client on account, 150.
8. Purchased150 of fertilizer supplies from the lawn store that will be used on future jobs. Wrote check #2 from the new bank account.
17. Completed landscaping job for client, received cash 800.
31. Received100 on account from May 6 sale.
Requirements
1. Open T-accounts: Cash; Accounts receivable; Lawn supplies; Equipment; Accounts payable; Lawlor, capital; Lawlor, drawing; Service revenue; and Fuel expense.
2. Journalize the transactions. Explanations are not required.
3. Post to the T-accounts. Key all items by date, and denote an account balance as Bal. Formal posting references are not required.
4. Prepare a trial balance at May 31, 2012.