Journal Entries

Prepare the journal entry to record each of the following independent transactions.

Jan 1Services provided on account of $1,330

Jan 2Purchases of supplies on account for $1,365

Jan 5Services provided for cash of $750

Jan 5Purchase of equipment for cash of $4,240

Jan 7Issuance of a promissory note for $2,500

Jan 12Collections on account for $890

Jan 15Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000

Jan 18Payment of $4,000 in salaries and wages

Jan 31Payment of open account in the amount of $500