P3-40. Journalizi ng and Posting Transactions, and Preparing a Trial Balance and Adjustments B. Lougee opened Lougee Roofing Service on April 1,2015. Transactions for April are as follows: Apr. 1 Lougee contributed $11,500 cash to the business in exchange for common stock. 1 Paid $2,880 cash for two-year premium toward liability insurance effective immediately. 2 Paid $6,100 cash for the purchase of a used truck. 2 Purchased $3,100 of ladders and other equipment; paid $1,000 cash, with the balance due in 30 days. 5 Purchased $1,200 of supplies on account. 5 Received an advance of $1,800 cash from a customer for roof repairs to be done during April and May. 12 Billed customers $5,500 for roofing services performed