Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Laverden Plumbing, Inc. Explanations are not required.
May 1 Paid interest expense, $500.
5 Purchased office furniture on account, $2,500.
10 Performed service on account for a customer, $2,700.
12 Borrowed $4,500 cash, signing a note payable.
19 Sold for $50,000 land that had cost the company $50,000.
21 Purchased building for $800,000; signed a note payable.
27 Paid $700 on account.