The following ransactions occured for London Eningeering: July 2 Paid utilities
ID: 2348408 • 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.
2. Post the transactions of the above table to the t-accounts. Use the dates as polting references. Start with July 2
**Need number 2 done**
Explanation / Answer
Cash Debit_____ | Credit July 1 $4,000 |July 2 $400 July 12 $7,000|July 21 $800 July 19 $29,000|July 27 $2,100 Balance $36,700| Accounts Receivable Debit_____ | Credit July 1 $0 | July 10 $2,000| Balance $2,000| Equipment Debit_____ | Credit July 1 $0 | July 27 $2,100 July 5 $2,100| Balance $0| Land Debit_____ | Credit July 1 $29,000 |July 19 $29,000 Balance $0| Supplies Debit_____ | Credit July 1 $0| July 21 $800| Balance $800| Account Payable Debit_____ | Credit __________ | July 1 $0 __________ | July 5 $2,000 __________| Balance $2,000 Note Payable Debit_____ | Credit __________ | July 1 $0 __________ | July 12 7,000 __________| Balance $7,000 London, capital Debit_____ | Credit __________ | July 1 $33,000 __________| Balance $33,000 Service revenue Debit_____ | Credit __________ | July 1 $0 __________ | July 10 $2,000 __________| Balance $2,000 Utilities Expense Debit_____ | Credit July 1 $0 | July 2 $400| Balance $400|
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