Prepare the Journal Entry to Record Each of the Following

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. Cash 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 cash.
5. Collections on account for $689.
Collections on account for $689.