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 T accounts. An intern has prepared a trial balance from the T accounts, but there seem to be some errors.

T accounts

Cash
Bal.	8,000	3/3	2,300
3/25	7,500	3/27	1,275
3/28	6,500	3/29	3,525
3/30	8,125	3/31	1,850

Accounts Receivable
Bal.	1,950
3/18	9,725	3/30	8,125

Supplies
Bal.	225
3/7	1,550

Office Equipment
3/2	16,500

Accounts Payable
3/27	1,275	Bal.	1,250
		3/7	1,550

Notes Payable
		3/2	16,500

Common Stock
		Bal.	7,500
		3/28	6,500

Retained Earnings
		Bal.	1,425

Dividends
3/31	1,850

Fees Earned
		3/18	9,725
		3/25	7,500

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 table. Each of the transactions that follow has been posted to the T accounts. Referring to the T accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit.

Transaction	Date	Amount	Debit	Credit
Purchased equipment, giving a note payable for the purchase price.
Paid rent for April.
Purchased supplies on account.
Recorded fees earned on account.
Received cash for fees earned.
Paid creditors on account.
KL Company Inc. issued additional shares of common stock in exchange for cash.
Paid wages.
Received cash from customers on account.
KL Company Inc. paid dividends to its stockholders.