Requirement 1. Post the journal entries to theT-accounts. Use the dates as posting references in theT-accounts.

The followingT-accounts for Laughton Engineering have been opened foryou: Cash; AccountsReceivable; OfficeSupplies; Equipment; AccountsPayable; NotesPayable; Laughton, Capital; Laughton, Withdrawals; ServiceRevenue; Utilities Expense. Post the journal entries to theT-accounts. Use the dates as posting references in theT-accounts.

Requirement 2. Compute the July 31 balance for each account.

More Info

July:

2nd) Received $14,000 contribution from Bobby Laughton, owner, in exchange for capital.

4th) Paid utilities expense of $ 460

5th) Purchased equipment onaccount, $2,600.

10th) Performed services for a client onaccount, $3,600.

12th) Borrowed $6,500 cash, signing a notes payable.

19th) Theowner, Bobby Laughton, withdrew $ 550 cash from the business.

21st) Purchased office supplies for $ 750 and paid cash.

27th) Paid the liability from 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.