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Fife Funny Friends, owned and operated by K. Krenz, began business in September of the current year. K. Krenz, a cook, had no experience with
Fife Funny Friends, owned and operated by K. Krenz, began business in September of the current year. K. Krenz, a cook, had no experience with keeping a set of books. As a result, K. Krenz entered all of September transactions directly to the Taccounts. When he tried to locate a particular entry, originally made on September 8, he found it confusing and time-consuming. He has hired you to improve his bookkeeping procedures. The accounts in his T-accounts follow: Cash 100 9/1 (a) 2,550 9/8 (b) 375 9/11(d) 45 9/15(e) 22 Equipment 150 91 (a) 450 3/8 (b) 1.125 Notes Payable 250 K Krenz, Capital 300 9/1 (a) 3,000 9/8(b) 750 Accounts Receivable 105 99 (C) 90 9/15(e) 22 Revenue 400 9/9 (C) 90 9/11 (d) 45 Required Prepare the general journal entries, in chronological order, from the T-accounts shown. Include a brief description of the probable nature of each transaction
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