Problem: Anna Regina, owner of Anna's Beauty Supply, completed the following business transactions during March 2006.
Mar. 1 Purchased $26,500 of inventory on credit.
4 Collected $2,500 from customers as payments on their accounts.
5 Purchased equipment for $1,500 cash.
6 Sold inventory that cost $15,000 to customers on account for $20,000. 10 Paid rent for March, $525.
15 Paid utilities for March, $50.
17 Paid a $150 monthly salary to the part-time helper.
20 Collected $16,500 from customers as payments on their accounts. 22 Paid $26,500 cash on account payable. (See March 1 entry.)
25 Paid property taxes for March of $600.
28 Sold inventory that cost $10,000 to customers for $15,000 cash.
Required to do:
1. For each transaction, give the entry to record it in the company's general journal. (Omit ex¬planations.)
2. Set up T-accounts, and post the journal entries to their appropriate accounts.