The following transactions occurred for London Engineering:

July 2 Paid utility expense for $400

5 Purchased equipment on account, $2,100

10 Performed service for a client on account, $2,000

12 Borrowed $7,000 cash, signing a note payable

19 Sold for $29,000 land that had cost the same amount

21 Purchased supplies for $800 and pay cash

27 Paid the liability from July 5

1. Open the following T-accounts with their July 1 balances: Cash, debit balance $4,000; Accounts receivable $0; Equipment $0; Land, debit balance $29,000; Supplies $0; Accounts payable $0; Notes payable $0; London, capital, credit balance $33,000; Service revenue $0; Utilities expense $0.

2. Post the transactions of the above table to the t-accounts. Use the dates as posting references. Start with July 2

Answer rating: 100% (QA)

Cash Debit Credit July 1 4000 July 2 400 July 12 7000July 21 800 Jul... View the full answer