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.
1.Shareholders invest $25,000 cash in the corporation.
2.CI purchased $400 of office supplies on credit.
3.CI purchased office equipment for $7,000,paying $2,500 in cash and signing a 30-day note payable for the remainder.
4.CI paid $200 cash on account for office supplies purchased in transaction 2.
5.CI purchased two acres of land for $10,000,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 $5,000 in cash.
7.CI made a payment of $5,000 on its 2-year note.

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The Answer of 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.
1.Shareholders invest $25,000 cash in the corporation.
2.CI purchased $400 of office supplies on credit.
3.CI purchased office equipment for $7,000,paying $2,500 in cash and signing a 30-day note payable for the remainder.
4.CI paid $200 cash on account for office supplies purchased in transaction 2.
5.CI purchased two acres of land for $10,000,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 $5,000 in cash.
7.CI made a payment of $5,000 on its 2-year note.

CheapBooks Incorporated (CI)had the Following Business Activities,for Which You Are