Journal Entries and Trial Balance As of January 1, 2017, Gammon Corporation had the following balances in its general ledger: Cash Accounts Receivable. Office Building Accounts Payable Mortgage Payable. Notes Payable.... Capital Stock Retained Earnings Totals.. a. Collected $42,000 of receivables. b. Accounts Payable as of January 1, 2017, were paid off. Debits $ 63,000 147,000 416,000 C. Paid utilities of $12,600. d. Provided services for $370,000, 90% for cash and 10% for credit. $626,000 Gammon had the following transactions during 2017. All expenses were paid in cash, unless otherwise stated. Credits Paid $50,000 mortgage payment, of which $30,000 represents interest expense. f Paid salaries expense of $120,000. g. Paid installment of $10,000 on note. $ 33,000 276,000 137,000 115,000 65,000 $626,000 Required: 1. Prepare journal entries to record each listed transaction. (Omit explanations.) 2. Set up T-accounts with the proper account balances at January 1, 2017, post the journal entries to the T-accounts, and prepare a trial balance for Gammon Corporation at December 31, 2017. Interpretive Question: If the debit and credit columns of the trial balance are in balance, does this mean that no errors have been made in journalizing the transactions? Explain. 3.