Scott, Kim and Koko organized the SKK Corporation on January 1 20X1. Each of these owners invested $30,000 cash and received shares. Below are selected transactions that were completed during January. Required:

Prepare the journal entry on SKK's books for each transaction:

(1) Sold shares to the owners. (2) Borrowed $100,000 on one-year note payable at 10% interest. (3) Purchased land by signing a $20,000 note payable. (4) Paid $5,000 of trade payables. (5) Purchased two service vehicles, $21,000 each; paid cash. (6) Accepted a promissory note of $1,000 from a customer.