The following transactions occurred for Laughton Engineering:

More info

Jul. 2	Received $11,000 contribution from Bobby Laughton in exchange for common stock.
Jul. 4	Paid utilities expense of $400.
Jul. 5	Purchased equipment on account, $2,200.
Jul. 10	Performed services for a client on account, $3,500.
Jul. 12	Borrowed $7,000 cash, signing a notes payable.
Jul. 19	Cash dividends of $500 were paid to stockholders.
Jul. 21	Purchased office supplies for $850 and paid cash.
Jul. 27	Paid the liability from July 5.

Requirements

1.	The following T-accounts for Laughton Engineering have been opened for you: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; and Utilities Expense. Post the transactions to the T-accounts. Use the dates as posting references in the T-accounts.
2.	Compute the July 31 balance for each account.

Part 1

Requirement 1. Post the transactions to the T-accounts. Use the dates as posting references in the T-accounts. We will post to the accounts one transaction at a time. Begin by posting the event from the 2nd. Received $11,000 contribution from Bobby Laughton in exchange for common stock. (We will post to the accounts one transaction at a time. Post only the transaction from July 2 in this step.)

Cash

Accounts Payable

Service Revenue

Jul. 2

11,000

Accounts Receivable

Notes Payable

Utilities Expense

Office Supplies

Common Stock

11,000

Jul. 2

Equipment

Dividends

Part 2

July 4: Paid utilities expense of $400. (Post only the transaction from July 4 in this step.)

Cash

Accounts Payable

Service Revenue

Jul. 2

11,000

Accounts Receivable

Notes Payable

Utilities Expense

Office Supplies

Common Stock

11,000

Jul. 2

Equipment

Dividends