Question

The following transactions occurred for Lambert Engineering: (Click the icon to view the transactions.) Journalize the transactions of Lambert 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; Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received $10,000 contribution from Bill Lambert in exchange for common stock. Accounts and Explanation Debit Credit Jul. 2 $10,000 More Info Common Stock $10,000 Jul 2 Received S10,000 contribution from Bill Lambert in exchange for common stock. 4 Paid utilities expense of $380 5 Purchased equipment on account, $2,500 10 Performed services for a client on account, $3,400 12 Borrowed $6,900 cash, signing a notes payable. 19 Cash dividends of $600 were paid to stockholders. 21 Purchased office supplies for $840 and paid cash. 27 Paid the liability from July 5. ssued cormmon stock for cash. July 4: Paid utilities expense of $380. Date Accounts and Explanation Debit Credit Jul. 4 Utilities Expense Cash S380 $380 Print Done

Answer 1

Journal entry :

Date	accounts & Explanation	debit	credit
Jul 2	Cash	10000
	Common Stock		10000
	(To record issue common Stock)
Jul 4	Utilities expense	380
	Cash		380
	(To record utilities expense)
Jul 5	Equipment	2500
	Account payable		2500
	(To record purchase equipment)
Jul 10	Account receivable	3400
	Service revenue		3400
	(To record performed service)
Jul 12	Cash	6900
	Notes payable		6900
	(To record amount borrowed)
Jul 19	Cash dividend	600
	Cash		600
	(To record dividend paid)
Jul 21	Office supplies	840
	Cash		840
	(To record purchase office supplies)
Jul 27	Account payable	2500
	Cash		2500
	(To record amount paid)