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

Question

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The Answer of 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

Prepare the Journal Entry to Record Each of the Following