Journalizing and Posting Transactions London Painting Service Ltd. specializes in painting houses. During June, its first month of operations, London Painting engaged in the following transactions:
June 1 Issued common shares for \(\$ 10,000\)
3 Purchased painting supplies from River City Supply for \(\$ 1,125\) on credit 8 Purchased a used truck from London Used Car Sales for \(\$ 8,700\), paying \(\$ 2,000\) down and agreeing to pay the balance in six months 14 Paid \(\$ 3,960\) to hourly employees for work performed in June 22 Billed various customers a total of \(\$ 9,430\) for June painting jobs 26 Received \(\$ 5,800\) cash from James el-Said for a house painting job completed and billed in May 29 Collected \(\$ 450\) from Albert Montgomery on completion of a one-day painting job. This amount is not included in the June 22 bills.
\section*{Required:}
1. Prepare a journal entry for each transaction.
2. Post the journal entries to London Painting's T-accounts.