1. Services provided on account of $1,423.

2. Purchases of supplies on account for $1,502.

3. Services provided for cash of $722.

4. Purchase of equipment for cash of $4,171.

5. Issuance of a promissory note for $2,480

6. Collections on account for $951.

7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $49,500.

8. Payment of $4,125 in salaries and wages.

9. Payment of open account in the amount of $471.

Prepare the journal entry to record each of the following independent transactions. How does this entry affect the accounting equation? Indicate the effect on financial statement items by selecting" for decrease (or negative effect), ""for increase (or positive effect) and 'NE" for No Entry (or no effect) on the financial statement. 1. Services provided on account of $1,423. Journal Balancc Shect Income Statement Stockholders' Net Description Debit Credit Assets Liabilities Equity Revenues Expenses Income Accounts payable 2. Purchases of supplies on account for $1,502. Journal Balance Sheet Income Statement Stockholders Net Description Debit Credit Assets Liabilities Equity Revenues Expenses Income