BRIEF EXERCISE 3.2 Recording Transactions in a Journal LO3-3, LO3-4, LO3-5 Record the following selected transactions in general journal form for the Weston Gastroenterology Clinic. Include a brief explanation of the transaction as part of each journal entry. Page 123 May 1 The clinic issued 1,000 additional shares of capital stock to Doctor Weston at $75 per share. May 4 The clinic purchased scoping equipment. The equipment cost $90,000, of which $30,000 was paid in cash; a note May 12 Issued a check for $2,400 in full payment of an account payable to Leah Laboratories. May 19 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. BRIEF EXERCISE 3.3 Recording Transactions LO3-7, LO3-8 Wagner Excavating organized as a corporation on January 18 and engaged in the following transactions during its first two weeks of operation. Jan. 18 Issued capital stock in exchange for $400,000 cash. Jan. 22 Borrowed $100,000 from its bank by issuing a note payable. Jan. 23 Paid $200 for a radio advertisement aired on January 24. Jan. 25 Provided $5,000 of services to clients for cash. Jan. 26 Provided $18,000 of services to clients on account. Jan. 31 Collected $4,200 cash from clients for the services provided on January 26. a. Record each of these transactions. b. Determine the balance in the Cash account on January 31. Be certain to state whether the balance is debit or credit