Analyzing and journalizing transactions [10-15 min]
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.
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