Transoctions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Compery.

$1.$ Record the issuance of stock in exchange for cash

$2.$ Record the purchase of land and building, by paying $$40,320$ cash and issuing a note payable for the remaining balance.

$3.$ Record the purchase of office equipment on account.

$4.$ Record the entry for return of some of the office equipment purchased on November $15.$

$5.$ Record the payment of note payable.

$6.$ Record the entry for purchase of vehicles by paying $$1680$ cash and issuing a note payable for the remaining balance.

Please do each part in a journal entry for credit and debit. Thank you.