Brien Construction had the following business activities: 1. Stockholders invest $37,000 cash in the corporation.
2. Brien purchased $700 of office supplies on credit.
3. Brien purchased office equipment for $11,000, paying $2,300 in cash and signing a 30-day note payable for the remainder.
4. Brien paid $350 cash on account for office supplies purchased in transaction 2.
5. Brien purchased two acres of land for $13,000, signing a 2-year note payable.
6. Brien sold one acre of land at one-half of the total cost of the two acres, receiving the full amount or $6,500 in cash.
7. Brien made a payment of $6,500 on its 2-year note.
Required: Prepare journal entries for the above transaction.