Please I need correct answers and clear explanation Thanks P

Please, I need correct answers and clear explanation. Thanks,

(Prepare journal entries)

Required

For each of the following transactions, construct journal entries:

a.  

Inventory costing $3,100 was purchased on account.

b.  

A payment of $3,000 was made on accounts payable.

c.  

Inventory costing $1,800 was sold on account for $2,700.

(Hint: Two journal entries are required.)

d.  

Accounts receivable of $2,000 were collected.

e.  

Supplies costing $1,400 were purchased on account.

f.  

Supplies costing $500 were consumed during the period.

g.  

New equipment costing $7,500 was purchased for cash.

h.  

The company borrowed $12,000 from a bank.

i.  

The company issued common shares for $20,000.

j.  

Wages totalling $6,300 were earned by employees and paid to them.

k.  

The company paid $2,000 on its bank loan, which included $150 of interest.

l.  

The company paid $2,500 for the monthly rent on its leased premises.

m.  

Land costing $23,000 was purchased. The company paid $3,000 in cash and the remainder was financed with a mortgage (a long-term loan).

Solution

Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up   Statementshowing Computations Paticulars Dr Cr a) Purchases dr                  3,100.00 To Accounts Payable                3,100.00 b) Accounts Payable Dr                  3,000.00 To Cash                3,000.00 c) Accounts receivable DR                  2,700.00 To Sales                2,700.00 Cost of goods sold Dr                  1,800.00 To purchases                1,800.00 d) Bank A/C Dr                  2,000.00 To Accounts receivable                2,000.00 e) Supplies Dr                  1,400.00 To Accounts Payable                1,400.00 f) Supplies expense Dr                      500.00 To Supplies                   500.00 g) Equipment DR                  7,500.00 To Cash                7,500.00 h) Cash DR                12,000.00 To Loan Payable             12,000.00 i) Cash dr                20,000.00 To Common Stock             20,000.00 j) Wages Expense Dr                  6,300.00 To Cash                6,300.00 k) Loan Payable DR (2000 - 150)                  1,850.00 Interest Expense Dr                      150.00 To Cash                2,000.00 l) Rent Expense DR                  2,500.00 To Cash                2,500.00 m) Land DR                23,000.00 To Cash                3,000.00 To Loan Payable             20,000.00