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23). (Accounting) Answer if you know how to complete it correctly. I will give thumbs up if correct The following transactions occurred for Lexington Engineering:
23). (Accounting) Answer if you know how to complete it correctly. I will give thumbs up if correct
The following transactions occurred for Lexington Engineering: Click the icon to view the transactions.) (Click the icon to view the journal entries.) Read the requirements. Requirements 1 & 2. Post the journal entries to the T-accounts. Use the dates as posting references in the T-accounts. Then compute the July 31 balance for each account. Use a "Bal." posting reference on the proper side of each account to show the ending balances of the accounts. (For accounts with a $0 balance, make sure to enter "0" in the appropriate cell on the normal side of the account.) Cash Accounts Payable Service Revenue Accounts Receivable Notes Payable Utilities Expense Office Supplies Lexington, Capital Equipment Lexington, Withdrawals More Info Jul. 2 Received $9,000 contribution from Bobby Lexington, owner, in exchange for capital. 4 Paid utilities expense of $400. 5 Purchased equipment on account, $2,500. 10 Performed services for a client on account, $3,000. 12 Borrowed $7,600 cash, signing a notes payable. 19 The owner, Bobby Lexington, withdrew $250 cash from the business. 21 Purchased office supplies for $820 and paid cash. 27 Paid the liability from July 5. Print Done Date Accounts and explanation Depit Credit Jul. 2 Cash 9,000 Lexington, Capital 9,000 Owner contribution. Jul. 4 Utilities Expense 400 Cash 400 Paid cash expenses. Jul. 5 2,500 Equipment Accounts Payable 2,500 Purchase of equipment on account. Jul. 10 Accounts Receivable 3,000 Service Revenue 3,000 Performed services on account. Jul. 12 Cash 7,600 Notes Payable 7,600 Borrowed cash by signing note. Lexington, Withdrawals Jul. 19 250 Cash 250 Owner withdrawal. Jul. 21 Office Supplies 820 Cash 820 Purchase of office supplies with cash. Accounts Payable Jul. 27 2,500 Cash 2,500 Paid cash on account. Requirements 1. The following T-accounts for Lexington Engineering have been opened for you: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Lexington, Capital; Lexington, Withdrawals; Service Revenue; Utilities Expense. Post the journal entries to the T-accounts. Use the dates as posting references in the T-accounts. 2. Compute the July 31 balance for each accountStep by Step Solution
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