Arleen O’Neil practices law under the business title Arleen O’Neil Attorney at Law, Inc. During November, her law practice engaged in the following transactions:

O’Neil’s business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Office Equipment, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salary Expense, Rent Expense, and Utilities Expense.
Requirement 1. Journalize each transaction. Omit explanations.

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Nov 1 Sold $55,000 of stock to O'Neil to start the business. 3 Paid $200 for the purchase of office supplies. 8 Paid $28,000 cash to purchase land for an office site. 12 Purchased office equipment on account, $2,800. 17 26 30 30 30 Borrowed $50,000 from the bank. O'Neil signed a note payable to the bank in the name of the business. Paid $2,700 on account. Revenues earned during the month included $12,000 cash and $23,000 on account. Paid employees' salaries, $2,100; office rent, $2,500; and utilities, $300. Paid $2,000 of dividends to stockholder, O'Neil.