Refer to the transactions of London Engineering in Exercise 2 16 Requirements 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 Common stock, credit b...

Reqs 1 and 2 Cash Accounts receivable Jul 1 4000 Jul 2 400 Jul 10 2 ...

Refer to the transactions of London Engineering in Exercise 2-16. Requirements 1. Open the following T-accounts with

Question:

Refer to the transactions of London Engineering in Exercise 2-16.
Requirements
1. Open the following T-accounts with their July 1 balances: Cash, debit balance $4,000; $0; Equipment $0; Land, debit balance $29,000; Supplies $0; $0; Notes payable $0; Common stock, credit balance $33,000; Service revenue $0; Utilities expense $0.
2. Post the transactions of Exercise 2-16 to the T-accounts. Use the dates as posting references. Start with July 2.
3. Compute the July 31, 2012, balance for each account, and prove that total debits equal total credits by preparing a trial balance.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...