Recording transactions in general journal
Enter the following transactions in the two-column journal of Baumann Bathrooms. Include a brief explanation of the transaction as part of each journal entry.
Mar 134889 Borrowed $90,000 cash from the bank by signing a 90-day note payable. Issued an additional 5,000 shares of capital stock in exchange for $40,000 cash Purchased an adjacent vacant lot for use as parking space. The price was $70,000, of which $30,000 was paid in cash; a note payable was issued for the balance. Acquired shop equipment from Elite Baths for $5,400 cash. Collected an account receivable of $2,900 from a customer, Beekman Art Shoppe. Issued a check for $1,060 in full payment of an account payable to Austin Industries, Inc. 
Recognize the conditions that necessitate the revision of standard costs.
Appreciate the principle of exceptions and its application in managerial decision-making.
Understand the concept of standard costing and its components.
Calculate and interpret direct materials price and quantity variances.
Definitions:
Building Trust
The process of developing confidence in another's character and actions, fundamental for effective communication and team cohesion.
Skepticism
An attitude of doubt towards the truth of something, often involving questioning and requiring evidence before accepting any claim.
Self-Reliance
The reliance on one's own powers and resources rather than those of others.
Interpersonal Trust Scale
A measurement tool used to assess the degree of trust one individual has in others in a social or professional context.