Reference no: EM132453873
Problem - During the first month of operations, Lafond Services, Inc., completed the following transactions:
List:
May 2 Lafond Services received $ 61,000 cash and issued common stock to the stockholders.
May 3 Purchased supplies, $ 500, and equipment, $ 11,900, on account.
May 4 Performed services for a customer and received cash, $ 5600.
May 7 Paid cash to acquire land, $ 39000.
May 11 Performed services for a customer and billed the customer, $ 4500. Lafond expects to collect within one month.
May 16 Paid for the equipment purchased May 3 on account.
May 17 Paid for newspaper advertising, $ 630.
May 18 Received partial payment from customer on account, $ 2400.
May 22 Received and paid the water and electricity bills, $ 460.
May 29 Received $ 2200 cash for servicing the heating unit of a customer.
May 31 Paid employee salaries, $ 2200.
May 31 Declared and paid dividends of $ 1500.
Required -
1. Record each transaction in the journal. Be sure to record the date in each entry. . .
2. Post the transactions to the T-accounts, using transaction dates as posting references. Determine the ending balance in each account.
3. Prepare the trial balance of Lafond Services, Inc., at May 31 of the current year.
4. Chris Lafond, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether May was profitable (and by how much).
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