Prepare the Journal Entry to Record Each of the Following

question 14

Essay

Prepare the journal entry to record each of the following independent transactions.(Use
the number of the transaction in place of a date for identification purposes. )
1.Sale of capital stock in exchange for a parcel of land;the land is appraised at
$75,000
2.Payment of $3,400 in salaries and wages
3.Payment of open account in the amount of $850
4.Issuance of a promissory note for $2,750
5.Collections on account for $689

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