Laura’s Salon experienced the following events during July 2021 

1. Laura injected additional capital in the business by depositing Ksh.150,000 in the business bank account. 

2. Paid Ksh.60,000 cash for rent for the period from July 1, 2021 to September 30, 2021. 

3. Received Ksh.54,000 cash in advance for services to be performed evenly over the period from July 1, 2021 to September 30, 2021 

4. Performed services for customers on account for Ksh.65,200 

5. Incurred operating expenses on account of Ksh.31,500 

6. Collected Ksh.58,400 cash being Ksh.48,500 from accounts receivable and the balance from services provided to cash customers 

7. Paid Ksh.26,000 cash for salaries expense 

8. Paid Ksh.28,000 cash as a partial payment on accounts payable 

9. Paid Ksh.21,000 cash for salaries accrued at the end of the previous month 

10. Performed services for cash and received Ksh.46,500 

11. Borrowed Ksh.200,000 cash from the bank by issuing a note 

12. Laura made a cash withdrawal of Ksh.50,000 to meet her personal expenses. 

13. Purchased Ksh.12,000 of supplies on account 

14. Bought Salon equipment for Ksh.250,000 paying 150,000 cash and the balance to be paid on account 

A partial list of account titles used by Laura’s Salon includes: Cash Accounts Receivable Supplies Equipment Prepaid rent Accounts payable Note Payable Accounts Payable Accrued Expenses Laura’s Capital Laura’s Drawings Service Revenue Unearned Service Revenue Operating Expense Salaries and Wages Expense 

Required: Prepare journal entries (including explanations) for each transaction