Task: Transactions for the Pate Company for the month of October are presented below. Journalize each transaction and identify each transaction by number. You may omit journal explanations.
1. Stockholders invested additional $40,000 cash in the business.
2. Purchased land costing $28,000 for cash.
3. Purchased equipment costing $10,000 for $4,000 cash and the remainder on credit.
4. Purchased supplies on account for $800.
5. Paid $1,000 for a one-year insurance policy.
6. Received $4,000 for services previously performed on account.
7. Paid wages to employees for $2,500.