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Already answered the first part, need help with requirements 2-4 Jan 2. Gagne Services zeceved 560,000 cant and nsived commori stock ta the slockholders Jan3:
Already answered the first part, need help with requirements 2-4
Jan 2. Gagne Services zeceved 560,000 cant and nsived commori stock ta the slockholders Jan3: Purchasod sappiors, 5500 , and equpment, 511,700 , wh account. (Propare a singie compound pounai entry) Jen 4. Performed sernces for a cunfortser ard rocewed cash, $5,600 Jan 2 Gagne Services received $60,000 cash and issued common stock to the stockholders. Jan 3 Purchased supplies, $500, and equipment, $11,700, on account. Jan 4 Performed services for a customer and received cash, $5,600. Jan 7 Paid cash to acquire land, $40,000. Jan 11 Performed services for a customer and billed the customer, $4,500. Gagne expects to collect within one month. Jan 16 Paid for the equipment purchased January 3 on account. Jan 17 Paid for newspaper advertising, $620. Jan 18 Received partial payment from customer on account, $2,400. Jan 22 Received and paid the water and electricity bills, $450. Jan 29 Received $2,700 cash for servicing the heating unit of a customer. Jan 31 Paid employee salaries, $2,600 lan 31 Declared and paid dividends of $1,200 Requirements 1. Record each transaction in the journal. Be sure to record the date in each entry. Explanations are not required. 2. Post the transactions to the T-accounts, using transaction dates as posting references. Determine the ending balance in each account. 3. Prepare the trial balance of Gagne Services, Inc., at January 31 of the current year. 4. Andrew Gagne, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether January was profitable (and by how much) Step by Step Solution
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