Recording Transactions in General Journal
Enter the Following Transactions in the Two-Column

question 161

Essay

Recording transactions in general journal
Enter the following transactions in the two-column journal of Festive Parties, Inc. Include a brief explanation of the transaction as part of each journal entry.
$$\begin{array} { | r | r | l | } \hline \text { June } & 2 & \text { Collected an account receivable of } \$ 860 \text { from a customer, East, Inc. } \\\hline & 5 & \begin{array} { l } \text { Issued a check for } \$ 430 \text { in full payment of an account payable to North, } \\\text { Inc. }\end{array} \\\hline & 9 & \begin{array} { l } \text { Borrowed } \$ 12,000 \text { cash from the bank by signing a } 120 \text {-day note } \\\text { payable. }\end{array} \\\hline & 12 & \begin{array} { l } \text { Issued an additional } 3,000 \text { shares of capital stock in exchange for } \$ 45,000 \\\text { cash. }\end{array} \\\hline &15 & \begin{array} { l } \text { Purchased equipment for the business. The price was } \$ 13,000 \text {, of which } \\\$ 3,000 \text { was paid in cash; a note payable was issued for the balance. }\end{array} \\\hline& 21 & \text { Acquired office furniture from West Company for } \$ 1,100 \text {, on account. } \\\hline\end{array}$$

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