E1-47 Lawlor Lawn Service, Inc., began operations and completed the following transactions during May, 2012:

Price: $2.99


E1-47 Analyzing transactions [10–15 min]Lawlor Lawn Service, Inc., began operations and completed the following transactions
during May, 2012:

1-May Received $1,700 and issued 100 shares of common stock. Deposited this amount in
bank account titled Lawlor Lawn Service, Inc.
3 Purchased on account a mower, $1,200, and weed whacker, $240. The equipment is
expected to remain in service for four years.
5 Purchased $30 of gas. Wrote check #1 from the new bank account.
6 Performed lawn services for client on account, $150.
8 Purchased $150 of fertilizer 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 Received $100 on account from May 6 sale.

Requirement1. Analyze the effects of Lawlor Lawn Service transactions on the accounting equation.
Use the format of Exhibit 1-6, and include these headings: Cash, Accounts
receivable, Lawn supplies, Equipment, Accounts payable, Common stock, and
Retained earnings.