Pat Bjornson, owner of Pat s Beauty Supply, completed the following business transactions during March 2003.
Mar. 1 Purchased $53,000 of inventory on credit.
Mar. 4 Collected $5,000 from customers as payments on their accounts.
Mar. 5 Purchased equipment for $3,000 cash.
Mar. 6 Sold inventory that cost $30,000 to customers on account for $40,000.
Mar. 10 Paid rent for March, $1,050.
Mar. 15 Paid utilities for March, $100.
Mar. 17 Paid a $300 monthly salary to the part time helper.
Mar. 20 Collected $33,000 from customers as payments on their accounts.
Mar. 22 Paid $53,000 cash on account payable. (See March 1 entry.)
Mar. 25 Paid property taxes for March of $1,200.
Mar. 28 Sold inventory that cost $20,000 to customers for $30,000 cash.
Required
1. For each transaction, give the entry to record it in the company s general journal. (Omit explanations.)
2. Set up T accounts, and post the journal entries to their appropriate accounts.