Record each of the following transactions in Raintree’s general journal. (Omit explanations.)
1. Issued capital stock for $90,000 cash.
2. Borrowed $45,000 from a bank. Signed a note to secure the debt.
3. Paid salaries and rent of $53,000 and $4,100, respectively.
4. Purchased inventory from a supplier on credit for $6,300.
5. Paid the supplier for the inventory purchased in (4) above.
6. Sold inventory that cost $1,350 for $2,400 on credit.
7. Collected $2,400 from customers on transaction (6) above.