During the first month of operations, Gagne Services, Inc., completed the following transactions: (Click the icon to view the transaction data. Requirements 1. Record esch transaclion in the journal. Be sure to record the date in each entry. Explanations are not required. 2. Post the transactions to the Taccounts, using transaction dates as posting references. Label the ending balance of each account Bal. 3. Prepxire the trial balance of Gagne Services, Inc., at May 31 of the current year. Matthew Gaigne, the manager, rasks you how much in total resources the business has to work with, heyw much it cwes, and whether May was prcfitabile (and by how much). 4. Requirement 1. Record cach transaction in the journal. Key each transaction by date. Explanations are not required. (Record tesbits first, then credits. Exclude explanations from journal entries.) Misy 2: Gagre Services received 583.000 cash and issues com slock to the stockholders. Journal Entry i More Info Accounts Dobit Credit Date May May 2 Gagne Services received $83.000 cash and issued common stock to the stockholders. 3 Purchased supplies, $700, and equipment $11.900, on account. 4 Performed services for a customer and received cash. 55,700. 7 Paid cash to acquire land, $40,000 11 Performed services for a customer and billed the customer, 54,300. Gagne expects to collect within one month 16 Paid for the equipment purchased May 3 on account. 17 Paid for newspaper advertising, 550, 18 Received partial payment from customer an account, $2.200. 22 Received and paid the water and electricily bills, S410. 29 Received $2,600 cash for servicing the heating unit of a customer. 31 Paid empkyyee salaris, 53,000 31 Declared and paid dividends of $2,000. Print Done