The following transactions occurred during the first year of operations for Cougar Corp. for each transaction prepare the journal entry. Note: these are NOT adjusting entries.

a. Cougar Corp. issued shares of its common stock for $120,000 cash.

b. Cougar Corp. purchased land for $68,000 cash. The market value of the land was $60,000.

c. Cougar Corp. paid employee salaries of $3,800 cash.

d. Cougar Corp. collected cash of $7,200 for services performed.

e. Cougar Corp. purchased $650 of office supplies on account.