Question

The following transactions occurred for Lambert Engineering (Click the icon to view the transactions.) Jul. 2 Received $18,000 contribution from Bobby Lambert in exchange for common Journalize the transactions of Lambert Engineering. Include an e Equipment, Accounts Payable; Notes Payable; Common Stock; Di last line of the journal entry table. Check your spelling carefully an stock. 4 Paid utilities expense of $400 5 Purchased equipment on account, $1,700 10 Performed services for a client on account, $2,900 12 Borrowed $7,200 cash, signing a notes payable 19 Cash dividends of $550 were paid to stockholders 21 Purchased office supplies for $840 and paid cash 27 Paid the liability from July 5 ate Accounts and Explanation Jul. 2 cash common stock Issued common stock for cash Print Done July 4: Paid utilities expense of $400 Date Accounts and Explanation Debit Credit Jul. 4 400 service revenue 400

Answer 1

Date	Accounts and explanation	Debit	Credit
02-Jul	Cash	$ 18,000.00
	Common stock		$ 18,000.00
	(Issue of common stock)
04-Jul	Utilities expense	$        400.00
	cash		$        400.00
	(Utilities expense paid )
05-Jul	Equipment	$    1,700.00
	Accounts payable		$    1,700.00
	(To record purchase of equipment)
10-Jul	Accounts receivables	$    2,900.00
	Service revenue		$    2,900.00
	(To record service revenue)
12-Jul	Cash	$    7,200.00
	Notes payable		$    7,200.00
	(To record issue of notes payable)
19-Jul	Cash dividend	$        550.00
	Cash		$        550.00
	(To record issue of dividend)
21-Jul	Office supplies	$        840.00
	Cash		$        840.00
	(To record purchase of supplies)
27-Jul	Accounts payable	$    1,700.00
	Cash		$    1,700.00
	(To record payment of accounts payables )