173. On October 1, 2011, Smith invested $20,000 cash, office equipment costing $15,000, and drafting equipment costing $12,000 into the company in exchange for common stock. Show the general journal entry to record this transaction.
Cash
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Equipment
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9/01
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(a) 4,200
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9/4 (b)
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550
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9/1
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(a) 800
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9/11
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(d) 150
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9/4
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(b) 2,550
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9/15
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(e) 190
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Common Stock
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Notes Payable
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9/1
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(a) 5,000
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9/4
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(b) 2,000
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174. Krenz Car Care, which is owned and operated by Karl Krenz, began business as a corporation in September of the current year. Karl, a master mechanic, had no experience with keeping a set of books. As a result, Karl entered all of September's transactions directly to the ledger accounts. When he tried to locate a particular entry he found it to be confusing and time consuming. He has hired you to improve his accounting procedures. The accounts in his general ledger are as follows:
Accounts Receivable
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Repair Revenue
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9/9
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(c) 275
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9/15 (c)
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190
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9/9 (c)
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275
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9/11 (e)
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150
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Prepare the general journal entries, in chronological order (a) through (e), from the T-account entries shown. Include a brief description of the probable nature of each transaction.
175. Flora Accounting Services completed these transactions in February:
a. Purchased office supplies on account, $300.
b. Completed work for a client on credit, $500.
c. Paid cash for the office supplies purchased in ().
d. Completed work for a client and received $800 cash.
e. Received $500 cash for the work described in ().
f. Received $1,000 from a client for accounting services to be performed in March.
Prepare journal entries to record the above transactions. Explanations are not necessary.