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Analyzing and journalizing transactions As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation for the following transactions: a. Debit Equipment and credit Cash.
b. Debit Dividends and credit Cash.
c. Debit Wages Payable and credit Cash.
d. Debit Equipment and credit Common Stock.
e. Debit Cash and credit Unearned Revenue.
f. Debit Advertising Expense and credit Cash.
g. Debit Cash and credit Service Revenue. Use the following information to answer Exercises E2-16 and E2-17 The following transactions occurred for London Engineering:
Jul. 2 Received $12,000 contribution from Brett London in exchange for common stock.
4 Paid utilities expense of $410.
5 Purchased equipment on account, $2,200.
10 Performed services for a client on account, $2,800.
12 Borrowed $7,500 cash, signing a notes payable.
19 Cash dividends of $750 were paid to stockholders.
21 Purchased office supplies for $860 and paid cash.
27 Paid the liability from July 5.
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