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:

Prepare a journal entry for each of the above transactions. For compound transactions, if an amount box does not require an entry, leave it blank.

March 2		fill in the blank 2
			fill in the blank 4
	(Record revenue)
3		fill in the blank 6
			fill in the blank 8
	(Record purchase of surfboards)
6		fill in the blank 10
			fill in the blank 12
	(Record wages)
9		fill in the blank 14
			fill in the blank 16
	(Record rent)
12		fill in the blank 18	fill in the blank 19
		fill in the blank 21	fill in the blank 22
		fill in the blank 24	fill in the blank 25
	(Record purchase of truck)
13		fill in the blank 27
			fill in the blank 29
	(Record collection of customer account)
16		fill in the blank 31
			fill in the blank 33
	(Record payment of account owed)
23		fill in the blank 35
			fill in the blank 37
	(Record borrowing of cash)
27		fill in the blank 39
			fill in the blank 41
	(Record payment of telephone bill)
30		fill in the blank 43
			fill in the blank 45
	(Record payment for advertising)