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.

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

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

March 4 - Purchased an adjacent vacant lot for use at parking space. The price was $70,000, of which $30,000 was paid in cash; a note payable was issued of the balance

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

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

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