Refer to E2-19,

In to E2-19

Perfect Printers Inc. completed the following transactions during October 2017, its first month of operations:

Oct. ...1 .....Received $25,000, and issued common shares.

.........2..... Purchased $800 of office supplies on account.

.........4 .....Paid $20,000 cash for land to use as a building site.

.........6 .....Performed service for customers, and received cash of $5,000.

.........9 .....Paid $100 on accounts payable.

.........17 ....Performed service for Waterloo School Board on account totaling $1,500.

.........23 ....Collected $1,000 from Waterloo School Board on account.

.........31 ....Paid the following expenses: salary, $1,000; rent, $500.

Requirements

1. After journalizing the transactions of exercise E2-19, post the entries to the ledger using T-accounts. Key transactions by date. Date the ending balance of each account October 31, 2017.

2. Prepare the trial balance of Perfect Printers Inc., at October 31, 2017.

3. How much are total assets, total liabilities, and total shareholders' equity on October 31, 2017?