Class handout ACC 200 Demonstration Problem: October 1: Sierra issued common stock in exchange for $10,000 cash. GENERAL JOURNAL Dato Account Titles and Explanation Ref Debit Credit October 1: Sierra borrowed $5,000 by signing a note. GENERAL JOURNAL Date Account Titles and Explanation Ref Debit Credit October 2: Sierra purchased equipment for $5,000 cash. GENERAL JOURNAL Account Titles and Explanation Ret Debit Date Credit DEBIT Cash CREDIT Equipment CREDIT DEBIT Notes Payable CREDIT DEBIT Common Stock CREDIT DEBIT