applying the rules of debit and credit posting and preparing a trial balance 538314

Applying the rules of debit and credit, posting, and preparing a trial balance

Refer to the transactions of London Engineering in Exercise 2-16.

Requirements

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 Exercise 2-16 to the T-accounts. Use the dates as posting

references. Start with July 2.

3. Compute the July 31, 2012, balance for each account, and prove that total debits

equal total credits by preparing a trial balance.