Question

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. 5 Purchased equipment on account, $1,600. 10 Performed services for a client on account, $2,900. 12 Borrowed $7,100 cash, signing a notes payable. 19 Cash dividends of $200 were paid to stockholders. 21 Purchased office supplies for $840 and paid cash. 27 Paid the liability from July 5.

Answer 1

Answer
Date	Accounts And Explanations	Debit ($)	Credit ($)
Jul-02	Cash	$     14,000
	Common Stock		$      14,000
	(To Record cash received from issue of shares)
Jul-04	Utilities expenses	$          370
	Cash		$           370
	(To Record utilities expenses)
Jul-05	Equipment	$       1,600
	Accounts Payable		$        1,600
	(To record buying equipment on account)
Jul-10	Accounts receivable	$       2,900
	Service revenue		$        2,900
	(To record performing services on account)
Jul-12	Cash	$       7,100
	Notes Payable		$        7,100
	(To record issuing notes payable)
Jul-19	Dividends	$          200
	Cash		$           200
	(To record paying cash dividends)
Jul-21	Office supplies	$          840
	Cash		$           840
	(To record purchasing office supplies)
Jul-27	Accounts Payable	$       1,600
	Cash		$        1,600
	(To Record paying liability from July 5)

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