In the journal provided, prepare journal entries without explanations for the following transactions. Write “no entry” if none is needed.
a. Received a $1,000 invoice for this month's electricity. Payment will be made in 2 weeks.
b. Paid $1,200 for insurance premiums to cover the next six months.
c. Dividends of $700 were paid.
d. The utility bill from part “a” is paid.
e. Purchased land for $23,000. The company paid half in cash and issued a promissory note for the other half.