Prepare and recording transactions in general journal

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Question 1: Recording transactions in general journal

Question 2: 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

1 Borrowed $90,000 cash from the bank by signing a 90-day note payable.

3 Issued an additional 5,000 shares of capital stock in exchange for $40,000 cash

4 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.

8 Acquired shop equipment from Elite Baths for $5,400 cash.

8 Collected an account receivable of $2,900 from a customer, Beekman Art Shoppe.

9 Issued a check for $1,060 in full payment of an account payable to Austin Industries Inc

Reference no: EM132475775

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