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Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions:

- **March 2**: Received $48,200 cash from customers for rentals.
- **March 3**: Purchased on credit five new surfboards (classified as inventory) for $110 each.
- **March 6**: Paid wages to employees in the amount of $8,800.
- **March 9**: Paid office rent for the month in the amount of $1,800.
- **March 12**: Purchased a new Ford truck for $17,600; paid $1,000 down in cash and secured a loan from Princeville Bank for the $16,600 balance.
- **March 13**: Collected a $950 account receivable.
- **March 16**: Paid an account payable in the amount of $870.
- **March 23**: Borrowed $15,000 on a six-month, 8 percent note payable.
- **March 27**: Paid the monthly telephone bill of $145.
- **March 30**: Paid a monthly advertising bill of $1,260.

Answer :

Final answer:

The question details the various transactions of Kauai Adventures during the month of March, showcasing examples of how these accounting entries in terms of cash inflows and outflows impact the business's assets, liabilities, and equity.

Explanation:

The subject of the question is about accounting and financial operations of a business named Kauai Adventures for the month of March.

For example, on March 2, Kauai Adventures received $48,200 cash from customers for rental. This indicates cash inflow and increases their current assets. On March 6, they paid wages to employees amounting to $8,800, which is an operational expense and decreases their cash assets. On March 12, they purchased a new Ford truck for $17,600, where they initially paid $1000 and then took a loan for the remaining $16,600. This is a long-term asset account and will be paid off over time from the cash account, and thus, indicates a liability.

These examples of ledger entries show how various business transactions can increase or decrease assets, liabilities, and equity in the financial books of Kauai Adventures.

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