E2-16 Analyzing and journalizing transactions [10–15 min] The following transactions occurred for London Engineering:

Price: $2.99


E2-16 Analyzing and journalizing transactions [10–15 min] The following transactions occurred for London Engineering:

July:

• 2 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.

Requirement
1. Identify and perform the three steps to record the previously described transactions.