The transactions of Lightning Package Delivery Company for March 1999 follow:

Prepare the journal entries required to record these transactions in the general journal of the

Transcribed Image Text:

Mar. 1 The company was organized and issued capital stock for $300,000 cash. 2 Paid $6,000 as the rent for March on a completely furnished building. 5 Paid cash for delivery trucks, $180,000. 6 Paid $4,000 as the rent for March on two forklift trucks. 9 Paid $2,200 for supplies received and used in March. 12 Performed delivery services for customers who promised to pay $27,000 at a later date. 20 Collected cash of $4,500 from customers on account (see March 12 entry). 21 Received a bill for $1,200 for advertising in the local newspaper in March. 27 Paid cash for gas and oil consumed in March, $450. 31 Paid $2,400 salaries to employees for March. 31 Received an order for services at $12,000. The services will be performed in April. 31 Paid cash dividend, $1,000.