Glenn Grimes is the founder and president of Heartland Construction, a real estate development venture. The business transactions during February while the company was being organized are listed as follows:

February $1$ Grimes and several others invested $$700,000$ cash in the business in exchange for $30,000$ shares of capital stock.

February $10$ The company purchased office facilities for $$330,000,$ of which $$110,000$ was applicable to the land and $$220,000$ to the building. A cash payment of $$66,000$ was made and a note payable was issued for the balance of the purchase price.

February $16$ Computer equipment was purchased from PCWorld for $$10,500$ cash.

February $18$ Office furnishings were purchased from Hi$-$Way Furnishings at a cost of $$8,950.$ A $$895$ cash payment was made at the time of purchase, and an agreement was made to pay the remaining balance in two equal installments due March $1$ and April $1.$ Hi$-$Way Furnishings did not require that Heartland sign a promissory note.

February $22$ Office supplies were purchased from Office World for $$405$ cash.

February $23$ Heartland discovered that it paid too much for a computer printer purchased on February $16.$ The unit should have cost only $$350,$ but Heartland was charged $$395.$ PCWorld promised to refund the difference within seven days.

February $27$ Mailed Hi$-$Way Furnishings the first installment due on the account payable for office furnishings purchased on February $18.$

February $28$ Received $$45$ from PCWorld in full settlement of the account receivable created on February $23.$

Required:

Prepare journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts:

Cash

Land

Accounts Receivable

Office Building

Office Supplies

Notes Payable

Office Furnishings

Accounts Payable

Computer Systems

Capital Stock

Indicate the effects of each transaction on the company's assets, liabilities, and owners' equity for the month of February. The February $1$ transaction is provided for you.