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all part of the same question O'Brien Construction had the following business activities: 1. Stockholders invest $30,000 cash in the corporation - 2. O'Brien purchased
all part of the same question O'Brien Construction had the following business activities: 1. Stockholders invest $30,000 cash in the corporation - 2. O'Brien purchased $500 of office supplies on credit 3. O'Brien purchased office equipment for $8,000, paying $1,500 in cash and signing a 30-day note payable for the remainder. 4. O'Brien paid $250 cash on account for office supplies purchased in transaction 2 5. O'Brien purchased two acres of land for $6,000, signing a 2 year note payable. 6. O'Brien sold one acre of land at one-half of the total cost of the two acres, receiving the full amount or $3,000 in cash. 7. O'Brien made a payment of $3,000 on its 2-year note. Required: Prepare journal entries for the above transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet A B E F G Record the entry for investment of $30,000 cash in the corporation by stockholders. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Journal entry worksheet F G Record the entry for the payment of $250 cash on account for office supplies purchased in transaction 2. Note: Enter debits before credits. Transaction General Journal Debit Credit 4 Record entry Clear entry View general Journal Journal entry worksheet E G A B C D Record the entry for the sale of one acre of land at one-half of the total cost of the two acres, receiving the full amount or $3,000 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 6 Record entry Clear entry View general journal Journal entry worksheet
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