The following ransactions occured for London Eningeering: July 2 Paid utilities
ID: 2348407 • Letter: T
Question
The following ransactions occured for London Eningeering:July 2 Paid utilities expense for $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 the same amount
21 Purchased supplies for $800 and paid cash
27 Paid the liability from July 5
1. Open the following T-accounts with their July 1 balances: Cash, debit balance $4,000; Accounts receivable $0; Equipment $0; Land, debit balance $29,000; Supplies $0; Accounts payable $0; Notes payable $0; London, capital, credit balance $33,000; Service revenue $0; Utilities expense $0.
Explanation / Answer
Cash Debit_____ | Credit July 1 $4,000 | Accounts Receivable Debit_____ | Credit July 1 $0 | Equipment Debit_____ | Credit July 1 $0 | Land Debit_____ | Credit July 1 $29,000 | Supplies Debit_____ | Credit July 1 $0| Account Payable Debit_____ | Credit __________ | July 1 $0 Note Payable Debit_____ | Credit __________ | July 1 $0 London, capital Debit_____ | Credit __________ | July 1 $33,000 Service revenue Debit_____ | Credit __________ | July 1 $0 Utilities Expense Debit_____ | Credit July 1 $0 |
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.