Debit and Eredit Effect on Transactions Jefferson Framers engaged in the foliowing transactions: a. Purchased land for $65,000 cash. b. Purchased equipment for $26,400 in exchange for a 1-year, 8% note payable. c. Purchased office supplies on credit for $1,200 from Office Depot. d. Paid $20,000 principal plus $700 interest on a note payable. e. Paid an account payable in the amount of $3,550. f. Provided $61,300 of services on credit. 9. Provided $12,800 of services for cash. h, Collected $26,910 of accounts receivable. 1. Paid $12,760 of wages in cash. 1. Issued common stock for $45,000 cash