Journalizing Transactions Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions: March 2 Received $48,200 cash from customers for rental. 3 Purchased on credit five new surfboards (which Kauai classifies as inventory) for $110 each. 6 Paid wages to employees in the amount of $8,800. 9 Paid office rent for the month in the amount of $1,800. 12 Purchased a new Ford truck for $17,600; paid $1,000 down in cash and secured a loan from Princeville Bank for the $16,600 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. If an amount box does not require an entry, leave it blank. Mar. 2 3 Mar. 2 3 38 6 6 12 13 16 223 27 27 30