The following transactions occurred for London Engineering: The following transactions occurred for London Engineering:
Jul 2 Paid utilities expense of $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 this same amount.
21 Purchased supplies for $800 and paid cash.
27 Paid the liability from July 5.
Requirement
1. Identify and perform the three steps to record the previously described transactions.