The following transactions occurred for Lambert Engineering: (Click the icon to

Question

The following transactions occurred for Lambert Engineering: (Click the icon to view the transactions.) Journalize the transactions of Lambert Engineering. Include an explanation with each journal entry. Use the following accounts: Cash;Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends, Service Revenue; Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received $10,000 contribution from Bill Lambert in exchange for common stock. Accounts and Explanation Debit Credit Jul. 2 $10,000 More Info Common Stock $10,000 Jul 2 Received S10,000 contribution from Bill Lambert in exchange for common stock. 4 Paid utilities expense of $380 5 Purchased equipment on account, $2,500 10 Performed services for a client on account, $3,400 12 Borrowed $6,900 cash, signing a notes payable. 19 Cash dividends of $600 were paid to stockholders. 21 Purchased office supplies for $840 and paid cash. 27 Paid the liability from July 5. ssued cormmon stock for cash. July 4: Paid utilities expense of $380. Date Accounts and Explanation Debit Credit Jul. 4 Utilities Expense Cash S380 $380 Print Done

Explanation / Answer

Journal entry :

Date accounts & Explanation debit credit Jul 2 Cash 10000 Common Stock 10000 (To record issue common Stock) Jul 4 Utilities expense 380 Cash 380 (To record utilities expense) Jul 5 Equipment 2500 Account payable 2500 (To record purchase equipment) Jul 10 Account receivable 3400 Service revenue 3400 (To record performed service) Jul 12 Cash 6900 Notes payable 6900 (To record amount borrowed) Jul 19 Cash dividend 600 Cash 600 (To record dividend paid) Jul 21 Office supplies 840 Cash 840 (To record purchase office supplies) Jul 27 Account payable 2500 Cash 2500 (To record amount paid)

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