During the first month of operations, Cloutier Heating and Air Conditioning, Inc., completed the following transactions:

Requirements
1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal, as shown in the chapter.
3. Prepare the trial balance of Cloutier Heating and Air Conditioning, Inc., at March 31 of the current year.
4. The manager asks you how much in total resources the business has to work with, how much it owes, and whether March was profitable (and by howmuch).

Transcribed Image Text:

Mar 2 Cloutier received $37,000 cash and issued common stock 3 Purchased supplies, $300, and equipment, $3,000, on account. 4 Performed services for a customer and received cash, $1.500. 7 Paid cash to acquire land, $28,000 11 Performed services for a customer and billed the customer, $1,100. 16 17 18 22 29 31 31 Cloutier expects to collect within one month. Paid for the equipment purchased March 3 on account. Paid the telephone bill, S110 Received partial payment from customer on account, $550 Paid the water and electricity bills, $130 Received $1,000 cash for servicing the heating unit of a customer Paid employee salary, $1,900. Declared and paid dividends of $2,200.