Journalize the transactions of Lawrence Engineering. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable

Journal Entries for Lawrence Engineering: July 2: Cash (asset) ------------------------- $14,000 Common Stock (equity) ---------- $14,000 Explanation: Received $14,000 cash from Brett Lawrence in exchange for common stock. July 4: Utilities Expense (expense) ------------------ $370 Cash (asset) --------------------------------------- $370 Explanation: Paid $370 in cash for utility expenses incurred. July 5: Equipment (asset) ------------------------------------ $1,600 Accounts Payable (liability) ------------------ $1,600 Explanation: Purchased equipment on account, to be paid at a later date. July 10: Accounts Receivable (asset) -------------------- $2,900 Service Revenue (revenue) --------------------- $2,900 Explanation: Performed services worth $2,900 for a client on account. July 12: Cash (asset) ------------------------- $7,100 Notes Payable (liability) ---------- $7,100 Explanation: Borrowed $7,100 by signing a note payable. July 19: Dividends (equity) ------------------------ $200 Cash (asset) ------------------------------------- $200 Explanation: Paid $200 cash dividends to stockholders. July 21: Office Supplies (asset) ------------------ $840 Cash (asset) ---------------------------------- $840 Explanation: Purchased office supplies worth $840 and paid in cash. July 27: Accounts Payable (liability) ------ $1,600 Cash (asset) --------------------------------- $1,600 Explanation: Paid the liability generated by the purchase of equipment on July 5.