Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction.

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Cash Vehicles Nov. 8 Nov. 30 Nov. 1 144,000 40,320 11,280 Nov. 25 14,400 Nov. 30 1,680 Notes Payable Land Nov. 8 Nov. 25 14,400 Nov 8 84,000 114,000 Nov. 30 9,600 Accounts Payable Bulding Nov. 8 Nov. 15 70,320 Nov. 21 576 3,840 Office Equipment Capital Stock Nov. 1 Nov. 15 3,840 Nov. 21 576 144,000