Reference no: EM131911482
During the first month of operations, O'Shea Plumbing, Inc., completed the following transactions:
- Record each transaction in the journal.
- Key each transaction by date.
- Explanations are not required.
- Post the transactions to the T-accounts, using transaction dates as posting references.
- Prepare the trial balance of O'Shea Plumbing, Inc., at January 31 of the current year.
- The manager asks you how much in total resources the business has to work with, how much it owes, and whether January was profitable (and by how much).
Jan 2 O'Shea received €33,000 cash and issued ordinary shares to the shareholders.
3 Purchased supplies, €400, and equipment, €2,900, on account.
4 Performed service for a client and received cash, €1,700.
7 Paid cash to acquire land, €22,000.
11 Performed service for a customer and billed the customer, €1,100.
We expect to collect within one month.
16 Paid for the equipment purchased January 3 on account.
17 Paid the telephone bill, €130.
18 Received partial payment from customer on account, €550.
22 Paid the water and electricity bills, €150.
29 Received €1,100 cash for servicing the heating unit of a customer.
31 Paid employee salaries, €2,300.
31 Declared and paid dividends of €2,900.