Demonstration Use the following information to answer Exercises E2-16 and E2-17. The following transactions occurred for Lawrence Engineering: Jul. 2 Received $14,000 contribution from Brett Lawrence in exchange for common stock. 4 Paid utilities expense of $370. Purchased equipment on account, $1,600. Performed services for a client on account, $2,900. Borrowed $7,100 cash, signing a notes payable. Cash dividends of $200 were paid to stockholders. Purchased office supplies for $840 and paid cash. 27 Paid the liability from July 5. 5 10 12 19 21 E2-16 Analyzing and journalizing transactions Learning Objective 3 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. Demonstration Use the following information to answer Exercises E2-16 and E2-17. The following transactions occurred for Lawrence Engineering: Jul. 2 Received $14,000 contribution from Brett Lawrence in exchange for common stock. 4 Paid utilities expense of $370. Purchased equipment on account, $1,600. Performed services for a client on account, $2,900. Borrowed $7,100 cash, signing a notes payable. Cash dividends of $200 were paid to stockholders. Purchased office supplies for $840 and paid cash. 27 Paid the liability from July 5. 5 10 12 19 21 E2-16 Analyzing and journalizing transactions Learning Objective 3 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