Managers and accountants often encounter transactions with which they are unfamiliar. Use your analytical skills to analyze and record in journal form the following transactions, which have not yet been discussed in the text.

May 1 Purchased merchandise inventory on account, $1,200.

2 Purchased marketable securities for cash, $3,000.

3 Returned part of merchandise inventory purchased for full credit, $250.

4 Sold merchandise inventory on account, $800 (record sale only).

5 Purchased land and a building for $300,000. Payment is $60,000 cash, and there is a 30-year mortgage for the remainder. The purchased price is allocated as follows: $100,000 to the land and $200,000 to the building.

6 Received an order for $12,000 in services to be provided. With the order was a deposit of $3,500.