I am working on a perpetual inventory system. I would appreciate some insight (help). Thank you very much!

Question #1:
To implement an employee stock ownership plan, 1,600 shares of our own common stock were purchased on the open market at $16 per share.
The common stock has a par value of $5. And 1600 x 16 is 25,600. However I do not understand how to implement an employee stock ownership plan.



Question #2:
Received 1,000 in cash and a 1,500, 90 day, 12% note from Anabelle and granted a time extension on her past-due account. Anabelle is a major purchaser of accounting software.
I thought it was something like :
Cash 1000
Notes Receivable 1500
Accounts Receivable 1000
Notes Payable 1500