Please, I need correct answers and clear explanation. Thanks,

(Prepare journal entries)

Required

For each of the following transactions, construct journal entries:

a.

Inventory costing $3,100 was purchased on account.

b.

A payment of $3,000 was made on accounts payable.

c.

Inventory costing $1,800 was sold on account for $2,700.

(Hint: Two journal entries are required.)

d.

Accounts receivable of $2,000 were collected.

e.

Supplies costing $1,400 were purchased on account.

f.

Supplies costing $500 were consumed during the period.

g.

New equipment costing $7,500 was purchased for cash.

h.

The company borrowed $12,000 from a bank.

i.

The company issued common shares for $20,000.

j.

Wages totalling $6,300 were earned by employees and paid to them.

k.

The company paid $2,000 on its bank loan, which included $150 of interest.

l.

The company paid $2,500 for the monthly rent on its leased premises.

m.

Land costing $23,000 was purchased. The company paid $3,000 in cash and the remainder was financed with a mortgage (a long-term loan).