Post Journal entries and Adjusting entries:

1) 1/1/2014. an investor acquired 100% of Crazy's stock with an investment of $200,000 cash. Par value of stock was 100.00/share and a thousand shares were sold.

2)1/1/2014. Crazy borrowed $250,000 cash by issuing a 3-year note with a stated interest rate of 12% per year. To be compounded semi-annually. The interest will be paid on January 1 of each year; and the principle will be paid on the maturity date.

3)1/3/2014. Prepaid a year's rent for $24,000(cash) for the current year. The first month's rent was due 1/1 for January.

4)1/15/2014. Purchased with cash - office equipment for $36,000 and supplies for 12,000.

5)2/7/2014. Received $150,000 cash for consulting, services to be performed in the future for client X.

---5A)12/31/2014. Determined that there is still about $10,000 to do for client X.

6)3/1/2014. Started up a second line of consulting services, which will be discontinued later. Sold services(delivered) and received $200,000 in cash in consulting services and paid related misc. expenses of $50,000.

7)7/1/2014prepaid $36,000 cash for a 12-month insurance policy (starting on 7/1)

8)purchased $10,000 more of supplies on credit.