The transactions of lightning package delivery company for


Problem - The transactions of Lightning Package Delivery Company for March 2012 follow:

Mar. 1 The company was organized and issued capital stock for $300,000 cash.

2 Paid $6,000 as the rent for March on a completely furnished building.

5 Paid cash for delivery trucks, $180,000.

6 Paid $4,000 as the rent for March on two forklift trucks.

9 Paid $2,200 for supplies received and used in March.

12 Performed delivery services for customers who promised to pay $27,000 at a later date.

20 Collected cash of $4,500 from customers on account (see March 12 entry).

21 Received a bill for $1,200 for advertising in the local newspaper in March.

27 Paid cash for gas and oil consumed in March, $450.

31 Paid $2,400 salaries to employees for March.

31 Received an order for services at $12,000. The services will be performed in April.

31 Paid cash dividend, $1,000.

Prepare the journal entries required to record these transactions in the general journal of the company.

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