More Info Jul 2 Lafond Services received $66,000 cash and issued common stock to the stockholders. Jul 3 Purchased supplies, $500, and equipment, $12,200, on account. Jul 4 Performed services for a customer and received cash $5,700. Jul 7 Paid cash to acquire land, $32,000. Jul 11 Performed services for a customer and billed the customer, $3,500. Lafond expects to collect within one month. Jul 16 Paid for the equipment purchased July 3 on account Jul 17 Paid for newspaper advertising, $590. Jul 18 Received partial payment from customer on account, $1,400. Jul 22 Received and paid the water and electricity bills, $420, Jul 29 Received $2,500 cash for servicing the heating unit of a customer. Jul 31 Paid employee salaries, $2,600. Jul 31 Declared and paid dividends of $1,300. During the first month of operations, Lafond Services, Inc., completed the following transactions: Click the icon to view the transaction data.) Read the requirements Requirement 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. (Record dobits first, then credits. Exclude explanations from journal entries.) Jul 2: Lafond Services received $66,000 cash and issued common stock to the stockholders. Journal Entry Credit Date Accounts Debit Jul Jul 3: Purchased supplies, $500, and equipment, $12,200, on account (Prepare a single compound joumal entry) Journal Entry Date Accounts Debit Credit Jul Jul 4: Performed services for a customer and received cash 55.700 1 Submit Quiz During the first month of operations, Lafond Services, Inc., completed the following transactions: (Click the icon to view the transaction data.) Read the requirements. Jul 4: Performed services for a customer and received cash, $5,700. Journal Entry Accounts Debit Jul Date Credit Jul 7: Paid cash to acquire land, $32,000. Journal Entry Accounts Date Debit Credit Jul 11: Performed services for a customer and billed the customer, $3,500. Lafond expects to collect within one month Journal Entry Date Accounts Debit Credit During the first month of operations, Lafond Services, Inc., completed the following transactions: (Click the icon to view the transaction data.) Read the requirements. Jul 11: Performed services for a customer and billed the customer, $3,500. Lafond expects to collect within one month. Journal Entry Accounts Debit Credit Date Jul Jul 16: Paid for the equipment purchased July 3 on account. Journal Entry Date Accounts Debit Credit Jul Jul 17: Paid for newspaper advertising, $590. Journal Entry Date Accounts Debit Credit During the first month of operations, Lafond Services, Inc., completed the following transactions: (Click the icon to view the transaction data.) Read the requirements. Jul 17: Paid for newspaper advertising, $590. Journal Entry Date Accounts Debit Credit Jul Jul 18: Received partial payment from customer on account, $1,400. Journal Entry Date Accounts Debit Credit Jul Jul 22: Received and paid the water and electricity bills, $420. Journal Entry Jul 22: Received and paid the water and electricity bills, $420. Journal Entry Date Accounts Debit Credit Jul Jul 29: Received $2,500 cash for servicing the heating unit of a customer. Journal Entry Date Accounts Debit Credit Jul Jul 31 (a): Paid employee salaries, $2,600. Journal Entry Accounts Date Debit Credit Jul Jul 31 (a): Paid employee salarios, $2,600. Journal Entry Date Accounts Jul Dobit Credit Jul 31 (b): Declared and paid dividends of $1,300. Journal Entry Date Accounts Debit Credit Jul Requirement 2. Post the transactions to the T-accounts, uning transaction dates as posting references, Determine the ending balance in ench account. Review the journal entries prepared in previous steps Cash Common Stock BOON Requirement 2. Post the transactions to the T-accounts, using transaction datos as posting references. Determine the ending balance in each account Review the journal entries prepared in previous steps. Cash Common Stock Accounts Recolvable Dividends Supplies Service Revenue Equipment Salary Expense Land Advertising Expense Accounts Payable Utilities Expense Requirement 3. Prepare the trial balance of Lafond Services, Inc., at July 31 of the current year. Select the accounts that will appear in the trial balance. Then enter the account balances and total the debits and credits Review the account balances prepared in a previous step, Lafond Services, Inc. Trial Balance Select the accounts that will appear in the trial balance. Then enter the account balances and total the debts and credits Review the account balancos prepared in a previous step Lafond Services, Inc. Trial Balance July 31 Account Debit Credit Total Requirement 4. David Lafond, the manager, asks you how much in total sources the business to work with how much tones and whether Jy was profitable and by how much) TODOS Am TO Requirement on the manager asks you how much in the wind why was probe (ind by how much Amount The company created
