The ABC Corporation was formed on January 1, 2010. The three initial owners each invested $100,000 cash and received shares of stock. Below are selected transactions that were completed during January, 2010.

Prepare the journal entry on ABC's books for each transaction.

old stock to the owners. 2. Borrowed $80,000 on a one-year note payable. 3. Purchased land by signing a $70,000 note payable. 4. Paid S10,000 of accounts payable. 5. Purchased two service vehicles for cash at a cost of $24,000 each. 6. Purchased $2,000 of supplies on credit