Journalize the five transactions for Mirmax Tool Rentals described below.
Definitions:
Individual Sales
Individual Sales refer to transactions and revenue generated from selling products or services on a per-unit or single-transaction basis.
Matching Principle
An accounting principle that requires expenses to be matched with the revenues they help to generate in the same accounting period.
Expenses
Costs incurred during the operation of a business, such as rent, salaries, and utilities, required for generating revenue.
Revenue
The overall earnings accrued from transactions involving goods or services at the heart of a business's primary operations.
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