The following transactions occurred for London Engineering: July 2 Paid utility expense for $400 5 Purchased equipment
Question:
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
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille