CheapBooks Incorporated (CI) had the following business activities, for which you are to prepare journal entries. Reference each journal entry to the transaction number, shown below. (Omit the "$" sign in your response.)

CheapBooks Incorporated (CI) had the following business activities, for which you are to prepare journal entries. Reference each journal entry to the transaction number, shown below. (Omit the "$" sign in your response.)

 

1.	Stockholders invest $58,000 cash in the corporation.
2.	CI purchased $1,020 of office supplies on credit.
3.	CI purchased office equipment for $16,000, paying $5,900 in cash and signing a 30-day note payable for the remainder.
4.	CI paid $510 cash on account for office supplies purchased in transaction 2.
5.	CI purchased two acres of land for $22,000, signing a 2-year note payable.
6.	CI sold one acre of land at one-half of the total cost of the two acres, receiving the full amount or $11,000 in cash.
7.	CI made a payment of $11,000 on its 2-year note.

 

	General Journal	Debit	Credit
1.	Cash
	Contributed capital
2.	Supplies
	Accounts payable
3.	Equipment
	Cash
	Notes payable
4.	Accounts payable
	Cash
5.	Land
	Notes payable
6.	Cash
	Land
7.	Notes payable
	Cash