Kauai Adventures rents and sells surfboards and snorkeling and scuba equipment. During March, Kauai engaged in the following transactions:
March 2 Received $41,200 cash from customers for rental
3 Purchased on credit five new surfboards (which Kauai classifies as inventory) for $140 each
6 Paid wages to employees in the amount of $8,500
9 Paid office rent for the month in the amount of $1,300
12 Purchased a new Ford truck for $37,800; paid $1,000 down in cash and secured a loan from Princeville Bank for the $36,800 balance
13 Collected a $950 account receivable
16 Paid an account payable in the amount of $870
23 Borrowed $15,000 on a six-month, 8 percent note payable
27 Paid the monthly telephone bill of $145
30 Paid a monthly advertising bill of $1,260
Required:
Prepare a journal entry for each of these transactions.