Exercise 2-41 (Algorithmic) Journalizing Transactions During March, Kauai engaged in the following transactions: Received $50,100 cash from customers for rental Purchased on credit five new surfboards (which Kauai classifies as inventory) for $210 each Paid wages to employees in the amount of $8,200 Paid office rent for the month in the amount of $700 Purchased a new Ford truck for $15,900; paid $1,000 down in cash and secured a loan from Princeville Bank for the $14,900 balance Collected a $950 account receivable Paid an account payable in the amount of $870 Borrowed $15,000 on a six-month, 8 percent note payable Paid the monthly telephone bill of $145 Paid a monthly advertising bill of $1,260 March 2 3 6 9 12 13 16 23 27 30