Jul Gagne received 62000 cash and issued common stock to the

Jul Gagne received $62,000 cash and issued common stock to the stockholders. 2 3 Purchased supplies, $800, and equipment, $12,100, on account 4 Performed services for a customer and received cash, $5,600 7 Paid cash to acquire land, $39,000. 11 Performed services for a customer and billed the customer, $2,900. Gagne expects to collect within one month. 16 Paid for the equipment purchased July 3 on account. 17 Received and paid the telephone bill, $590 Received partial payment from customer on account, $800. 18 22 29 30 30 Received and paid the water and electricity bills, $420. Received $2,300 cash for servicing the heating unit of a customer. Paid employee salaries, $2,500 Declared and paid dividends of $2,000 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. 3. Prepare the trial balance of Gagne Services, Inc., at July 31 of the current year 4. John Gagne, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether July was profitable (and by how much)

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General journal for the month of July
Date	Account title	Debit	Credit
7/2	Cash	62000
	Common stock		62000
7/3	Supplies	800
	Equipment	12100
	Accounts Payable		12900
7/4	Cash	5600
	Service Revenue		5600
7/7	Land	39000
	Cash		39000
7/11	Accounts Receivable	2900
	Service Revenue		2900
7/16	Accounts Payable	12100
	Cash		12100
7/17	Telephone expense	590
	Cash		590
7/18	Cash	800
	Accounts Receivable		800
7/22	Utilities expense	420
	Cash		420
7/29	Cash	2300
	Service Revenue		2300
7/30	Salaries expense	2500
	Cash		2500
7/30	Dividends	2000
	Cash		2000