Tim Construction had the following business activities. 1. Stockholders invest $50,000 cash in the corporation. 2. Tim purchased $800 of office supplies on credit. 3. Tim purchased office equipment for $14,000, paying $5,000 in cash and signing a 30 day note payable for the remainder. 4. Tim paid $400 cash on account for office supplies purchased in transaction 2. 5. Tim purchased two acres of land for $20,000, signing a 2-year note payable. 6. Tim sold one acre of land at one-half of the total cost of the two acres, receiving the amount or $10,000 in cash. 7. Tim made a payment of $10,000 on its 2-year note. Required: Prepare the journal entries that would be used to record the transactions. (Referenc each journal entry to the transaction number, shown above). (If no entry is required for a transaction/event, select "No Journal Entry Required" in first account field.) For drawing tables, use the table function on the textbox, OR attempt your answer on an exce sheet and paste the table in the textbox.