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Question: The following transactions occurred for Lawrence

The following transactions occurred for Lawrence Engineering:
The following transactions occurred for Lawrence Engineering:


Requirements:
1. Open the following T-accounts for Lawrence Engineering: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; and Utilities Expense.
2. Post the journal entries to the T-accounts. Also transfer the dates to the T-accounts.
3. Compute the July 31 balance for each account.
Requirements: 1. Open the following T-accounts for Lawrence Engineering: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; and Utilities Expense. 2. Post the journal entries to the T-accounts. Also transfer the dates to the T-accounts. 3. Compute the July 31 balance for each account.





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Jul. 2 Received $14,000 contribution from Brett Lawrence in exchange for common stock. 4 Paid utilities expense of $370. 5 Purchased equipment on account, $1,600. 10 Performed services for a client on account, $2,900. 12 Borrowed 57,100 cash, signing a notes payable. 19 Cash dividends of $200 were paid to stockholders. 21 Purchased office supplies for $840 and paid cash. 27 Paid the liability from July 5.


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