Chapter 2 Problem Use the following information to answer questions A. & B. The following transactions occurred for Lawrence Engineering: Jul. 2 Received $14,000 contribution from Brett Lawrence in exchange for common stock. 4 5 Paid utilities expense of $370. Purchased equipment on account, $1,600. 10 Performed services for a client on account, $2,900. 12 19 222 21 27 Borrowed $7,100 cash, signing a notes payable. Cash dividends of $200 were paid to stockholders. Purchased office supplies for $840 and paid cash. Paid the liability from July 5. A. Journalize the transactions of Lawrence Engineering. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; and Utilities Expense. B. Posting Transactions to accounts. I. II. III. Open the following T-accounts for Lawrence Engineering: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; and Utilities Expense. Post the journal entries to the T-accounts. Also transfer the dates to the T-accounts. Compute the July 31 balance for each account