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Answer #1
Transaction General Journal Debit Credit
1 Cash $26,000
Common stock $26,000
( To record issue shares of common stock)
2 Land $16,000
Note payable $16,000
( To record purchase of land)
3 Equipment $7,400
Cash $7,400
( To record purchase of equipment)
4 No Entry
5 Cash $11,400
Rental fee revenue $11,400
( To record rental fee revenue)
6 Supplies $1,400
Accounts payable $1,400
( To record supplies)
7 Salaries expense $4,200
Cash $4,200
( To record salaries expense)

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