BRIEF EXERCISE 3. 2 Recording Transactions in a Journal & LO3-3LO3-4, GLO3-5

Record the following selected transactions in general journal form for the Weston Gastroenterology Glinic. Include a brief explanation of

the transaction as part of each journal entry.

Page 123

May 1

May 4

May 12

May 19

The clinic Issued 1,000 additional shares of capital stock to Doctor Weston at $75 per share.

The clinic purchased scoping equipment. The equipment cost $90,000, of which $30,000 was paid in cash; a note!

Issued a check for $2. 400 In full payment of an account payable to Leah Laboratories.

Purchased office supplies on account for $240. Payment is due in full by June 10.

May 25 Collected a $15,000 account receivable from the Goosinger Medical Insurance.

May 31 Declared and paid a $50,000 cash dividend to stockholders.