Requirements 1. Record each transaction in the journal. Be sure to record the date in each entry. Explanations are not required 2. Post the transactions to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal 3. Prepare the trial balance of Lafond Services, Inc., at October 31 of the current year 4. James Lafond, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether October was profitable (and by how much). Requirement 1 credits. Exclude O More Info X(Record debits first, then Oct 2: Lafond S Oct 2 Lafond Services received $63,000 cash and issued common stock to the stockholders Date 3 Purchased supplies, $900, and equipment, $12,000, on account. Oct 4 Performed services for a customer and received cash, $5,600 7 Paid cash to acquire land, $35,000 11 Performed services for a customer and billed the customer, $4,100. Lafond expects to collect within one month. 16 Paid for the equipment purchased October 3 on account. 17 Paid for newspaper advertising, $590 18 Received partial payment from customer on account, $2,000 22 Received and paid the water and electricity bills, $420 29 Received $2,900 cash for servicing the heating unit of a customer 31 Paid employee salaries, $2,600 31 Declared and paid dividends of $2,300 Oct 3: Purchase Date Oct