Jul.

Jul.

2

Received $ 14 comma 000

$14,000 contribution from Bobby Laughton

BobbyLaughton, owner, in exchange for capital.

4

Paid utilities expense of $ 460

$460.

5

Purchased equipment onaccount, $ 2 comma 600

$2,600.

10

Performed services for a client onaccount, $ 3 comma 600

$3,600.

12

Borrowed $ 6 comma 500

$6,500 cash, signing a notes payable.

19

Theowner, Bobby Laughton

BobbyLaughton, withdrew $ 550

$550 cash from the business.

21

Purchased office supplies for $ 750

$750 and paid cash.

27

Paid the liability from July

July 5.

Reference

Date

Accounts and Explanation

Debit

Credit

Jul. 2

Cash

14,000

Laughton, Capital

14,000

Owner contribution.

Jul. 4

Utilities Expense

460

Cash

460

Paid cash expenses.

Jul. 5

Equipment

2,600

Accounts Payable

2,600

Purchase of equipment on account.

Jul. 10

Accounts Receivable

3,600

Service Revenue

3,600

Performed services on account.

Jul. 12

Cash

6,500

Notes Payable

6,500

Borrowed cash by signing note.

Jul. 19

Laughton, Withdrawals

550

Cash

550

Owner withdrawal.

Jul. 21

Office Supplies

750

Cash

750

Purchase of office supplies with cash.

Jul. 27

Accounts Payable

2,600

Cash

2,600

Paid cash on account.

The followingT-accounts for Laughton

Laughton Engineering have been opened foryou: Cash; AccountsReceivable; OfficeSupplies; Equipment; AccountsPayable; NotesPayable; Laughton

Laughton, Capital; Laughton

Laughton, Withdrawals; ServiceRevenue; Utilities Expense. Post the journal entries to theT-accounts. Use the dates as posting references in theT-accounts.

2.

Compute the July

July 31 balance for each account.