=+Aug. 25. Reinstated the Jacobs account written off on August 8 and received $600 cash in full payment.

Sept. 2. Purchased land by issuing a $300,000, 90-day note to Ace Development Co., which discounted it at 10%.

Oct. 2. Sold office equipment in exchange for $60,000 cash plus receipt of a

$40,000, 120-day, 6% note. The equipment had cost $140,000 and had accumulated depreciation of $25,000 as of October 1.

Nov. 30. Journalized the monthly payroll for November, based on the following data:

Salaries Deductions