Journalizing Transactions Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions: March 2 Received $51,500 cash from customers for rental. 3 Purchased on credit ten new surfboards (which Kauai classifies as inventory) for $180 each. 6 Paid wages to employees in the amount of $9,200. 9 Paid office rent for the month in the amount of $1,000. 12 Purchased a new Ford truck for $40,800; paid $1,000 down in cash and secured a loan from Princeville Bank for the $39,800 balance. 13 Collected a $1,050 account receivable. 16 Paid an account payable in the amount of $950. 23 Borrowed $10,000 on a 6-month, 8% note payable. 27 Paid the monthly telephone bill of $185. 30 Paid a monthly advertising bill of $1,550. 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