Reference no: EM132621237

Following transaction :

1. Received $80,000 cash when issuing 8,000 new common shares.
2. Purchased land by paying $2,000 cash and signing a note payable for $7,000 due in three years.
3. Hired a new aesthetician for a salary of $1,000 a month, starting next month.
4. NGS purchased a company car for $18,000 cash (list price of $21,000) to assist in running errands for the business.
5. Bought and received $1,000 in supplies for the spa on credit.
6. Paid $350 of the amount owed in (e).
7. Nicole sold 100 of her own personal shares to Raea Gooding for $300.

Required:

Problem 1: Prepare journal entries for each of the entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)