Analyzing and journalizing transactions
The following transactions occurred for London Engineering:
3 4
|
2-Jul |
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. |
1 2
Requirement
1. Identify and perform the three steps to record the previously described transactions.