1. Prepare journal entries for the following transactions that took place during the year, 2022:
   1. Borrowed $50,000 cash on July 1, 2022, signing a two-year, 10% note payable.

1. Purchased Land for $54,000 cash on July 1, 2022.
2. Earned $50,000 in revenue, including $23,000 in cash and the rest on credit.
3. Collected accounts receivable, $15,000.
4. Paid wages to employees, $22,000.
5. Purchased supplies of $4,500 on account.
6. Paid accounts payable, $4,500.
7. Recorded depreciation of $2,300 for the year.
8. Recorded estimated bad debt expense of $500.
9. Determined that only $1,500 of the supplies purchased in f. were on hand at the end of the year.