The Following Events Apply to Jason's Lawn Service for 2016

question 63

Essay

The following events apply to Jason's Lawn Service for 2016.
1).Issued stock for $14,000 cash.
2).On January 1,purchased equipment for $12,000.The equipment has an estimated 5-year useful life and a $2,000 salvage value.
3).On May 1,issued a $3,000,5% 3-year note to a local bank.
4).Performed services of $18,400 and received cash.
5).Paid $15,000 of operating expenses.
6).At December 31,adjusted the records to recognize expense associated with use of the equipment and accrued interest.
Required: Record the effects of the above events under the appropriate account headings in the accounting formula below.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.

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Definitions:

Peripheral Nervous System

The network of nerves that lies outside the central nervous system, connecting it to limbs and organs.

Brain Study Techniques

Methods used in neuroscience to study the structure and function of the brain, such as MRI, fMRI, and EEG.

Nervous System

The network of nerve cells and fibers that transmits nerve impulses between parts of the body, controlling and coordinating bodily functions.

Endocrine System

A network of glands in the body that produce hormones that regulate metabolism, growth and development, tissue function, sexual function, reproduction, sleep, and mood, among other things.