Prepare journal entries to record each of the following transactions a) through i). Maibrits Bikes began operations in May 2014 and had the following transactions.

Owner invested $80,000 cash and a truck worth $24,000 in exchange for stock.

Paid rent expense of $16,000.

Purchased $200,000 of bicycle inventory on credit.

Sold bicycles for cash of $338,000. The cost of the bikes sold was $120,000.

Sold and invoiced bicycles to a client for $63,600. The cost of the bikes sold was $32,000.

Paid $16,000 in cash for supplies to do bike repairs.

Collected $40,000 from accounts receivable.

Paid for bikes purchased on credit in transaction c above.

Paid cash dividends of $2,000.