HONRNGREN'S ACCT.+MYACCTLAB/ETEXT
11th Edition
ISBN: 9781323537909
Author: MILLER-NOBLES
Publisher: PEARSON C
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Textbook Question
Chapter 2, Problem 2.17E
Use the following information to answer Exercises E2-16 and E2-17.
The following transactions occurred for London Engineering:
| Jul. 2 | Received $12,000 contribution from Brett London in exchange for common stock. |
| 4 | Paid utilities expense of $410. |
| 5 | Purchased equipment on account, $2,200. |
| 10 | Performed services for a client on account, $2,800. |
| 12 | Borrowed $7,500 cash, signing a notes payable . |
| 19 | Cash dividends of $750 were paid to stockholders. |
| 21 | Purchased office supplies for $860 and paid cash. |
| 27 | Paid the liability from July 5. |
Posting
Requirements
1. Open the following T-accounts for London Engineering: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Utilities Expense.
2. Post the journal entries to the T-accounts. Also transfer t he dares to the T-accounts.
3. Compute the July 31 balance for each account.
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Chapter 2 Solutions
HONRNGREN'S ACCT.+MYACCTLAB/ETEXT
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