Exercise 2-49 (Algorithmic) Journalizing Transactions

Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions:

March 2		Received $32,700 cash from customers for rental.
3		Purchased on credit five new surfboards (which Kauai classifies as inventory) for $180 each.
6		Paid wages to employees in the amount of $7,800.
9		Paid office rent for the month in the amount of $600.
12		Purchased a new Ford truck for $18,600; paid $1,000 down in cash and secured a loan from Princeville Bank for the $17,600 balance.
13		Collected a $950 account receivable.
16		Paid an account payable in the amount of $870.
23		Borrowed $15,000 on a six-month, 8 percent note payable.
27		Paid the monthly telephone bill of $145.
30		Paid a monthly advertising bill of $1,260.

Required: