Exercise 2-49 Journalizing Transactions
Kauai Adventures rams and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions:
March 2 Received $51,500 cash from customers for rental,
3 Purchased on credit ten new surfboards (which Kauai classifies as inventory) for $180 each.
6 Paid wages to employees in the amount of $9,200.
9 Paid office rem for the month in L1]: amount of$l,000.
12 Purchased a new Ford truck for 340.800: paid 51,000 down in cash and secured a loan from Princeville Bank for the $39,800 balance.
March 13 Collected a $1,050 account receivable.
16 Paid an account payable in the amount of $950.
23 Borrowed $10,000 on a 6-month, 8% note payable.
27 Paid the monthly telephone hill of $185.
30 Paid a monthly advertising bill of $1,550.
Required:
Prepare a
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Chapter 2 Solutions
Cornerstones of Financial Accounting
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