Journalize the following transactions. During March the business engaged in the following transactions:
Mar. 3 Borrowed $45,000 from the bank and signed a note payable in the name of the business.
5 Paid cash of $40,000 to a real estate company to acquire land in the town of Bancroft.
11 Performed service for a customer and received cash of $5,000.
12 Purchased supplies on account, $300.
14 Performed customer service and earned revenue on account, $2,600.
17 Paid $1,200 of the Accounts Payable balance from the March 1, 2017, trial balance.
19 Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400.
20 Received $3,100 of the Accounts Receivable balance from the March 1, 2017, trial balance.
24 Received a $200 utility bill that will be paid next week.
27 John Cassiar withdrew $1,800 for personal use.
