During the first month of operations, Arguetta Brickworks, Inc., completed the following transactions:

Apr 2 Arguetta received $70,000 cash and issued common stock to the stockholders.

3 Purchased supplies, $2,000, and equipment, $9,200, on account.

4 Performed services for a client and received cash, $1,400.

7 Paid cash to acquire land, $42,500.

11 Performed services for a customer and billed the customer, $2,800. Arguetta expects to collect within one month

16 Paid for the equipment purchased April 3 on account.

17 Paid the telephone bill, $150.

18 Received partial payment from customer on account, $300.

22 Paid the water and electricity bills, $170.

29 Received $2,500 cash for repairing a customer’s brick walkway.

30 Paid employee salaries, $4,900.

30 Declared and paid dividends of $2,600.

Requirements

1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.

2. Post the transactions to the T-accounts, using transaction dates as posting references.

3. Prepare the trial balance of Arguetta Brickworks, Inc., at April 30 of the current year.

4. Dave Arguetta, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether April was profitable (and by how much).