Received h. Purchased land for $9,000 cash. i. Purchased supplies for S350 cash. Recording prepaid items and identifying their effect on financial statements ise 3-15A Cherokee Company began operations when it issued common stock for $80,000 cash. It paid 000 cash in advance for a one-year contract to lease delivery equipment for the business. It the lease agreement on March 1,2016, which was effective immediately. Cherokee received 560, 98,000 of cash revenue in 2016