Prepare journal entries to record the following transactions:

Dec. 1 -

Mr. Randy Smith deposited $100,000 as initial investment to his newly open business, Smith Repair Shop

Dec. 3

Randy bought supplies, $10,000 on account.

Dec.5

A piece of land personally owned by Randy was transferred to the business for the use of its operation. The land was acquired 2 years ago with a cost of $50,000. The market value as of this date is $75,000.

Dec. 7-

50% of the account on December 3 was paid.

Dec. 8-

An equipment was acquired for $40,000. 25% downpayment was made and a promissory note was issued for the balance.

Dec.9-

The customers were billed for services rendered, $5,000.

Dec.10-

$7,500 was received from cash customers.