nora lighthouse owner of nora s cosmetics completed the follow 240376

Nora Lighthouse, owner of Nora’s Cosmetics, completed the following business transactions during March 2012.

Mar. 1 Purchased $16,200 of inventory on credit.

4 Sold inventory that cost $9,000 to customers on account for $13,000.

5 Purchased equipment for $1,900 cash.

6 Collected $4,400 from customers as payments on their accounts.

10 Paid rent for March, $720

15 Paid utilities for March, $95.

17 Paid a $325 monthly salary to the part-time helper.

20 Collected $7,300 from customers as payments on their accounts.

25 Paid property taxes for March of $550.

26 Sold inventory that cost $7,000 to customers for $9,400 cash.

28 Paid $16,200 cash on account payable. (See March 1 entry.)

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.

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