180. On January 8, Damien Lawson transfers ownership of several pieces of office equipment to his new business,JumpStart. When new, these items were worth $72,500. The fair market value of the equipment is $60,000.Journalize this transfer.
181. On August 30, JumpStart incurred the following expenses:
Payment to the landlord for August rent – $2,300
Payment to the Gas & Electric Company for August’s bill $525Payment of employee wages for the last half of August – $1,750Payment of shopping center’s parking lot cleaning fee $275
Journalize these payments as one compound journal entry.
182. On October 30, Damien Lawson withdraws $3,330 from JumpStart for personal use. Journalize this event.
183. For the following, mark a “D” if the following account normally has a debit balance and mark a “C” if the followingaccount normally has a credit balance.
1. Notes Payable
2. Mortgage Payable
4. Accounts Receivable
6. Rent Revenue
7. Unearned Income
8. Utility Expense