Journalizing Transactions Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment During March, Kauai engaged in the following transactions March 2 Received $50,700 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 $8,600 9 Paid office rent for the month in the amount of $2,000 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 Journalizing Transactions Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment During March, Kauai engaged in the following transactions March 2 Received $50,700 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 $8,600 9 Paid office rent for the month in the amount of $2,000 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 88 3 6 9 12 13 16 23 Ull 27 30

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 19, 2024

Journalizing Transactions Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions: March 2 Received $50,700 cash

Journalizing Transactions

Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment.

During March, Kauai engaged in the following transactions:

March 2 Received $50,700 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 $8,600.

9 Paid office rent for the month in the amount of $2,000.

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.

image text in transcribed

Journalizing Transactions Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions: March 2 Received $50,700 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 $8,600. 9 Paid office rent for the month in the amount of $2,000. 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 88 3 6 9 12 13 16 23 Ull 27 30