Exercise 3.8 Recording transactions in general journal and analysis The following accounts appear in the ledger of the Mackenzie Makeovers: Cash at Bank; Accounts Receivable; Salon Equipment; Accounts Payable; S. White, Drawings; Salon Revenue; Salaries Expense; and Advertising Expense. Required (a) Prepare the general journal entries to record the transactions that occurred during December (ignore GST). (b) Explain why you have made each of the journal entries to account for the transactions. Dec. 1 Purchased hair-drying equipment for $65 000. Paid S5000 deposit and agreed to pay the balance in 60 days. 3 S. White withdrew $1600 from the business to buy herself a new dress for a friend's wedding. 8 Paid salaries of $6800. 14 Paid $800 for advertisements in the local newspaper. 19 Received S540 from customers to reduce the balance in their accounts. 23 Paid $3700 to creditors for supplies that had been purchased on credit. 30 Earned $48 250 in salon revenue during the month. Of this, 80% was collected in cash and 20% will be paid within a month