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The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) 3 (Click the icon to view the journal entries.) Read the
The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) 3 (Click the icon to view the journal entries.) Read the requirements. 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 $9,000 contribution from Bill Lawrence in exchange for common stock. Cash Accounts Payable Service Revenue Accounts Receivable Notes Payable Utilities Expense Office Supplies Common Stock Equipment Dividends Reference -X Date Accounts and Explanation Debit Credit Jul. 2 Cash 9,000 9,000 Jul. 4 410 410 Common Stock Issued common stock for cash. Utilities Expense Cash Paid cash expenses. Equipment Accounts Payable Purchase of equipment on account. Accounts Receivable Service Revenue Jul. 5 2,200 2,200 Jul. 10 2,500 2,500 Performed services on account. Jul. 12 6,700 6,700 Jul. 19 750 750 Cash Notes Payable Borrowed cash by signing note. Dividends Cash Paid cash dividends. Office Supplies Cash Purchase of office supplies with cash. Accounts Payable Cash Jul. 21 830 830 Jul. 27 2,200 2,200 Paid cash on account. X More Info July 2 Received $9,000 contribution from Bill Lawrence in exchange for common stock. 4 Paid utilities expense of $410. 5 Purchased equipment on account, $2,200. 10 Performed services for a client on account, $2,500. 12 Borrowed $6,700 cash, signing a notes payable. 19 Cash dividends of $750 were paid to stockholders. 21 Purchased office supplies for $830 and paid cash. 27 Paid the liability from July 5. Print Done
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