CheapBooks Incorporated (CBI) had the following business activities:

1.	Stockholders invest $26,000 cash in the corporation.
2.	CBI purchased $410 of office supplies on credit.
3.	CBI purchased office equipment for $6,000, paying $2,200 in cash and signing a 30-day note payable for the remainder.
4.	CBI paid $205 cash on account for office supplies purchased in transaction 2.
5.	CBI purchased two acres of land for $15,000, signing a 2-year note payable.
6.	CBI sold one acre of land at one-half of the total cost of the two acres, receiving the full amount or $7,500 in cash.
7.	CBI made a payment of $7,500 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.)

1. Record the entry for investment of $26,000 cash in the corporation by stockholders.

2. Record the purchase of supplies on credit for $410.

3. Record the purchase of office equipment for $6,000, paying $2,200 in cash and signing a 30-day note payable for the remainder.

4. Record the payment of $205 cash on account for office supplies purchased in transaction 2.

5. Record the purchase two acres of land for $15,000, signing a 2-year note payable.

6. Record the sale of one acre of land at one-half of the total cost of the two acres, receiving the full amount or $7,500 in cash.

7. Record the payment of $7,500 on its 2-yr note.