During the month of July, Sands Insurance entered into the following transactions:

Required:
a Prepare journal entries to record the preceding transactions.
b List the source documents normally used in recording each of these transactions.

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Date 1 July 10 25 Transaction Nancy Sands deposited a $30 000 personal cheque in the business' cheque account. Purchased land and an office building at a cost of $110 000 and $220 000, respectively, paying $80 000 down and signing a loan payable for the remaining $250 000. Purchased office supplies costing $880 on credit.