Prepare the journal entries for the transactions below and the adjusting entries for the month of March 2021 only. In other words, assume that the firm prepares monthly financial reports, and the previous adjusting entries were already recorded on February 28, 2021.

Transaction 1: On March 5 Sing a Song purchases $30,000 of merchandise on account. Transaction 2: During March, the firm sells merchandise to customers for $50,000. Of this amount, $15,000 represents sales to customers who paid cash. The remaining sales are on account. The acquisition cost of the merchandise sold is $20,000.

Transaction 3: The firm collects $10,000 from customers for sales previously made on account. Transaction 4: Sing a Song pays $18,000 to suppliers for merchandise previously purchased on account.

Adjusting entries: Transaction 5: Sing a Song records the cost of insurance for March (On February 15 Sing a Song paid $6,000 for the premium of a 12-month insurance policy). Transaction 6: Sing a Song records the depreciation of the building for March (On February 20 the firm purchased a building for $60,000 by writing a note payable. The building is expected to last 20 years, after which it will have no value). Transaction 7: Sing a Song records the interest expense on the note payable (The note payable on transaction (6) requires Sing a Song to pay back the bank in three years, and to make annual interest payments at the rate of 8%. Assume simple interest).