Prepare journal entries for the following transactions of International Dry Cleaners.

(Include descriptions)

Mar 2 Issued 5,000 shares of capital stock in exchange for $40,000 cash.

5 Borrowed $90,000 from the bank by signing a 90-day note payable.

6 Purchased land for use as parking space. The price was $65,000, of which $20,000 was paid in cash; a note payable was issued for the balance.

8 Acquired shop equipment from Dart Industrial for $2,400 on account.

10 Collected an account receivable of $1,990 from a customer, Olde Globe Theatre.

11 Returned to Dart Industrial $300 of shop equipment that

were not needed. Dart Industrial agreed to reduce

International Dry Cleaners balance by that amount.

14 Issued a check in full payment of the accounts payable to Dart Industrial.