REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal CreditsAll of your Journal Entries should balance.

	Date	Transaction Description
	March 1	Began business by issuing 5,000 shares of $5 par value common stock. The contributed capital of $30,000, from this sale, was deposited in the company bank account.
	March 2	Paid the premium on a 2 -year insurance policy, $4,800.
	March 3	Paid the current month's store rent expense, $2,400.
	March 4	Purchased repair equipment from Andrew Company, $10,800. Paid 25% cash and the balance on account. The finance charge is 8%.
	March 5	Purchased repair supplies from Jackson Company on credit for $1,050 plus 3% sales tax.
	March 11	Bicycle repair revenue for the first third of March, $2,650. Of this amount 80% were sales on credit
	March 20	Made payment to Andrew Company, $1,000.
	March 21	Paid telephone bill for March, $500.
	March 22	Bicycle repair revenue for the second third of March, $2,450, of which $450 were cash sales.
	March 23	Paid the current month's electice bill, $1,250.
	March 24	Bought back 200 shares @ $5.50 from those issued on March 1st
	March 25	The bank reported cash collections on account receivables of $1500
	March 31	Bicycle repair revenue for the last third of March was $5,000, only 5% were cash sales
	March 31	Declared a dividend of $2.00 on all outstanding shares as of March 31st