Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions:
March 2 Received $51,500 cash from customers for rental.
3 Purchased on credit ten new surfboards (which Kauai classifies as inventory) for $180 each.
6 Paid wages to employees in the amount of $9,200.
9 Paid office rent for the month in the amount of $1,000.
12 Purchased a new Ford truck for $40,800; paid $1,000 down in cash and secured a loan from Princeville Bank for the $39,800 balance.
March 13 Collected a $1,050 account receivable.
16 Paid an account payable in the amount of $950.
23 Borrowed $10,000 on a 6-month, 8% note payable.
27 Paid the monthly telephone bill of $185.
30 Paid a monthly advertising bill of $1,550.
Required:
Prepare a journal entry for each of these transactions.