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

question 26

Essay

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.
$$\begin{array} { | l | c | l | } \hline \text { Mar } & 1 & \begin{array} { l } \text { Borrowed } \$ 90,000 \text { cash from the bank by signing a } 90 \text {-day note } \\\text { payable. }\end{array} \\\hline & 3 & \begin{array} { l } \text { Issued an additional } 5,000 \text { shares of capital stock in exchange for } \\\$ 40,000 \text { cash }\end{array} \\\hline& 4 & \begin{array} { l } \text { Purchased an adjacent vacant lot for use as parking space. The price } \\\text { was } \$ 70,000 , \text { of which } \$ 30,000 \text { was paid in cash; a note payable } \\\text { was issued for the balance. }\end{array} \\\hline &8 & \text { Acquired shop equipment from Elite Baths for } \$ 5,400 \text { cash. } \\\hline& 8 & \begin{array} { l } \text { Collected an account receivable of } \$ 2,900 \text { from a customer, } \\\text { Beekman Art Shoppe. }\end{array} \\\hline &9 & \begin{array} { l } \text { Issued a check for } \$ 1,060 \text { in full payment of an account payable to } \\\text { Austin Industries, Inc. }\end{array} \\\hline\end{array}$$

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