Journalize the transactions transactions; include explanation Precision Grading Co. was organized to grade construction sites. * On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.

* On June 3, the company purchased equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance.

* On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3.