July 14 Purchased Equipment from Lake Company , $1 1, 500 . Paid $1, 500 down and the balance Was placed on account . Payments will be $500.00 per month for 20 months . The first payment is due 8 / 1 NOTE : USE accounts payable for the balance due . July 15 Received cash for plumbing revenue for the first half of July , $7 . 700 July 19 Made payment on account to Lake Company , $500 . July 31 Received cash for plu umbing rev Venue for the last half of July , $8. 50.5 July 31 Declared and paid cash dividends of $600