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.

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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. 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.

Prepare the Journal Entry to Record Each of the Following