Journalizing and Posting Transactions Anna Regina, owner of Anna’s Beauty Supply, completed the following business transactions during March 2009.

Mar. 1 Purchased $26,500 of inventory on credit.

4 Collected $2,500 from customers as payments on their accounts.

5 Purchased equipment for $1,500 cash.

6 Sold inventory that cost $15,000 to customers on account for $20,000.

10 Paid rent for March, $525.

15 Paid utilities for March, $50.

17 Paid a $150 monthly salary to the part-time helper.

20 Collected $16,500 from customers as payments on their accounts.

25 Paid property taxes for March of $600.

26 Sold inventory that cost $10,000 to customers for $15,000 cash.

28 Paid $26,500 cash on account payable. (See March 1 entry.)

Required:

1. For each transaction, give the entry to record it in the company’s general journal. (Omit explanations.)

2. Set up T-accounts, and post the journal entries to their appropriate accounts.