Prepare journal entries to record each of the following transactions. Determine the effect of each transaction on net income and cash flows.

Issued common stock for $250,000.

Purchased land for $100,000 in cash.

Purchased $11,000 of supplies on account.

Rendered $10,000 services to clients and received immediate payment.

Paid $900 on accounts payable.

Rendered $25,000 of services to clients on account.

Paid $2,000 in dividends.

Received $3,000 cash in exchange for services to be rendered in 3 months.

Received $500 cash on a customers account.

Used up supplies of $1,000 during the accounting period.

Received property tax bill for $3,000 payable in 60 days.