Mastery Problem: Analyzing Transactions KL Company Inc. In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the accounts. An intern has prepared a trial T accounts Cash Bal. 2.300 3/25 1.200 3/28 8,000 3/3 7,425 3/27 6,000 3/29 7,8253/31 3,525 3/30 1,850 Accounts Receivable Bal. 1,950 3/18 9,725 3/30 7.825 Supplies Bal. 225 3/7 1.650 Office Equipment 27,000 3/2 Accounts Payable 3/27 1.200 Bal 1.250 3/7 1.650 Notes Payable 3/2 17,000 Common Stock Bal. 7,500 3/28 6,000 Retained Earnings Bal. 1,425 Dividends 3/31 1,850 Fees Earned 3/18 9,725 3/25 7,425 Rent Expense 3/3 2,300 Wages Expense 3/29 3,525 Required: Transactions Descriptions of the transactions for the month of March are provided in the following enter the amount of the transaction, and select the account to debit and credit. Transaction Destions of the transactions for the month of March are provided in the following teach of the transactions that follow a bented to the futuring to the Tace detech enter the amount of the transaction, and elect the court tout and credit Transaction Date Amount Debit Credit 372 Purchased equipment, olving a note payable for the purchase price Pald rent for April 3/3 Purchased supplies on account. 1/2 17,000 office Equipment 2.300 Mente 1,650 Supplies 3.725 Accounts Payable 7.425 Cash 1,200 Accounts Payable Recorded fees arned on account 3/10 Received cash for foes samed. 1/25 Paid creditors on account. 3/27 KL Company Inc. issued additional shares of common stock exchange for cash 3/20 6.000 Cash Paid wages 3/29 3.595 Wages Expense Received cash from customers on account 2,5 Cash 3/30 1/1 1.050 Dividends KL Company Inc. paid dividends to its stodolers