Question

4. The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) 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. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received S14,000 contribution from Brett Lawrence in exchange for common stock. Date Accounts and Explanation Debit Credit Jul. 2 July 4: Paid utilities expense of $370. Date Accounts and Explanation Debit Credit Jul. 4 (10) July 5: Purchased equipment on account, $1,600. Date Accounts and Explanation Debit Credit Jul. 5 (11) (12) (13) (14) (15)

Answer 1

Answer
Date	Accounts and explanation	Debit	Credit
02-Jul	Cash	$     14,000
	Common stock		$     14,000
	(To record Issue of common stock)
04-Jul	Utilities expense	$          370
	cash		$          370
	(To record Utilities expense paid )
05-Jul	Equipment	$       1,600
	Accounts payable		$       1,600
	(To record purchase of equipment)
10-Jul	Accounts receivables	$       2,900
	Service revenue		$       2,900
	(To record service revenue)
12-Jul	Cash	$       7,100
	Notes payable		$       7,100
	(To record issue of notes payable)
19-Jul	Cash dividend	$          200
	Cash		$          200
	(To record issue of dividend)
21-Jul	Office supplies	$          840
	Cash		$          840
	(To record purchase of supplies)
27-Jul	Accounts payable	$       1,600
	Cash		$       1,600
	(To record payment of accounts payable )

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