As of January 1, 2022, Gammon Corporation had the following balances in its general ledger:

Gammon had the following transactions during 2022. All expenses were paid in cash, unless otherwise stated.
a. Collected \(\$ 42,000\) of receivables.
b. Accounts Payable as of January 1, 2022, were paid off.
c. Paid utilities of \(\$ 12,600\).
d. Provided services for \(\$ 370,000,90 \%\) for cash and \(10 \%\) for credit.
e. Paid \(\$ 50,000\) mortgage payment, of which \(\$ 30,000\) represents interest expense.
f. Paid salaries expense of \(\$ 120,000\).
g. Paid installment of \(\$ 10,000\) on note.

Required:
1. Prepare journal entries to record each listed transaction. (Omit explanations.)
2. Set up T-accounts with the proper account balances at January 1, 2022, post the journal entries to the T-accounts, and prepare a trial balance for Gammon Corporation at December 31, 2022.
3. Interpretive Question: If the debit and credit columns of the trial balance are in balance, does this mean that no errors have been made in journalizing the transactions? Explain.

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Debit Credit Cash Accounts Receivable. Buildings.. Accounts Payable Mortgage Payable... Notes Payable.... Capital Stock Retained Earnings. Totals.... $ 63,000 147,000 416,000 $ 33,000 276,000 137,000 115,000 65,000 $626,000 $626,000