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.
