Study the restaurant transactions for the month of March 2004 shown below, and record the necessary journal entries, skipping a line between each entry. Journal entries and modified T ledger accounts can be prepared easily on lined paper following the examples shown in the text. To further simplify the problem, use the following account titles shown by category to prepare modified T accounts. Balance sheet accounts, Assets: Cash, Credit Cards Receivable, Accounts Receivable, Food Inventory, Beverage Inventory, Prepaid Rent, Prepaid Insurance, Supplies, Equipment, and Furnishings.

Liabilities: Accounts Payable, Note Payable. Ownership Equity:

Capital. Income Statement Accounts: Sales Revenue, Salaries Expense, Wages Expense, and Interest Expense.

a. Owner opened a business account and deposited $65,000 in the bank.

b. Owner borrowed and deposited $20,000 on a note payable to the bank.

c. Owner paid one year of rent in advance on the restaurant space,

$14,400 cash.

d. Equipment was purchased for $44,000—$15,000 in cash and the balance on account.

e. Furnishings were purchased for $28,400 cash.

f. Owner purchased $3,000 of food inventory on account and paid

$4,000 cash for beverage inventory.

g. Owner purchased supplies for $2,650 cash.

h. Owner purchased $3,800 of food inventory on account.

i. Owner paid $2,400 for a one-year liability and casualty insurance policy.

j. Employees were paid wages of $12,800 and salaries of $2,400.

k. Revenue for the first month was $32,800—92 percent cash, 6 percent on credit cards, and 2 percent on accounts receivable.

l. Owner paid $12,000 on accounts payable.
m. Owner paid $2,000 on notes payable, plus interest of $200.
After journalizing and posting each transaction, prepare an unadjusted trial balance for the month ended March 31, 2004.