P 3-2 LO (2) LO (3 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 Debits $ 63,000 147,000 416,000 Credits $ 33,000 276,000 137,000 115,000 65,000 $626,000 $626,000 Retained Earnings Totals Gammon had the following transactions during 2017. All expenses were paid in cash, unless otherwise stated. a. Collected $42,000 of receivables.. b. Accounts Payable as of January 1, 2017, were paid off. c. Paid utilities of $12,600. d. Provided services for $370,000, 90% for cash and 10% for credit. e. 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. 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. 3. 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