Prepare journal entries to record each of the following transactions. Determine the effect of each transaction...

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Accounting

Prepare journal entries to record each of the followingtransactions. Determine the effect of each transaction on netincome and cash flows.
Issued common stock for $250,000.
Purchased land for $100,000 in cash.
Purchased $11,000 of supplies on account.
Rendered $10,000 services to clients and received immediatepayment.
Paid $900 on accounts payable.
Rendered $25,000 of services to clients on account.
Paid $2,000 in dividends.
Received $3,000 cash in exchange for services to be rendered in3 months.
Received $500 cash on a customer’s account.
Used up supplies of $1,000 during the accounting period.
Received property tax bill for $3,000 payable in 60 days.

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Accounts Title Explanation Debit Credit Effect on net income Effect on cash flows Cash 250000 No Effect Inflow of cash Financing Common Stock 250000 Land 100000 No See Answer

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Prepare journal entries to record each of the followingtransactions. Determine the effect of each transaction on netincome and cash flows.Issued common stock for $250,000.Purchased land for $100,000 in cash.Purchased $11,000 of supplies on account.Rendered $10,000 services to clients and received immediatepayment.Paid $900 on accounts payable.Rendered $25,000 of services to clients on account.Paid $2,000 in dividends.Received $3,000 cash in exchange for services to be rendered in3 months.Received $500 cash on a customer’s account.Used up supplies of $1,000 during the accounting period.Received property tax bill for $3,000 payable in 60 days.