Lawlor Lawn Service began operations and completed the following transactions during May, 2012:
May 1. Received 1,700 and gave capital to Lawlor. Deposited this amount in 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 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.
Requirement
1. 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; and Lawlor, capital.