O'Brien Construction had the following business activities: 1. Stockholders invest $54,000 cash in the corporation. 2. O'Brien purchased $350 of office supplies on credit. 3. O'Brien purchased office equipment for $11,000, paying $7,000 in cash and signing a 30-day note payable for the remainder. 4. O'Brien paid $175 cash on account for office supplies purchased in transaction 2. 5. O'Brien purchased two acres of land for $14,000, 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 $7,000 in cash. 7. O'Brien made a payment of $7,000 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.) View transaction list Journal entry worksheet < A B CDEFG Record the entry for investment of $54,000 cash in the corporation by stockholders. Note: Enter debits before credits. < Prev 2 of 5 Next >