Selected Transactions for Givens Lawn Services Are Listed Below

question 92

Essay

Selected transactions for Givens Lawn Services are listed below:
1. Purchased a new lawn mower for $2,000, making a 10% down payment in cash, the remainder is on account.
2. Purchased $350 supplies for cash.
3. Billed customers $1,500 for lawn services completed.
4. Purchased used truck for $6,500, fully financed by a bank loan.
5. Collected $800 from customers for services previously billed.
6. Paid balance owing on lawn mower.
7. Incurred telephone expenses of $85 on account.
8. Completed services for customers who pay $440 cash.
9. William Givens, the owner, invests $7,000 of additional funds in the business.
10. Part of the funds invested is used to repay the full balance of the bank loan plus $65 in interest expense.
11. $1,250 in wages is paid to employees.
12. William withdrew $1,000 cash for personal use.
Instructions
For each transaction, state whether the transaction increases or decreases assets, liabilities and/or owner's equity, and by what amount(s).

---

Definitions:

Socialism

A political and economic theory advocating for the ownership and regulation of the means of production by the community or state to ensure equality and fairness.

Political Economy

An interdisciplinary domain that analyzes the relationships between individuals, societies, markets, and governments, focusing on the production, distribution, and consumption of goods and services.

Capitalist Markets

Economic systems based on private ownership and the creation of goods and services for profit within a competitive marketplace.

Ameliorism

A philosophical concept focused on the belief in the power of human effort to improve society, often through reform or progressive measures.