E2-19 Applying the rules of debit and credit, posting, and preparing a trial balance [15–25 min] Refer to the transactions of London Engineering in Exercise 2-16.

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E2-19 Applying the rules of debit and credit, posting, and preparing a trial balance [15–25 min]
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; Common stock, 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.