Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 25 25 points eBook Hint Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a.
1 25 25 points eBook Hint Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $15,000 cash in the company in exchange for common stock. b. The company purchased supplies for $435 cash. c. The company purchased $8,295 of equipment on credit. d. The company received $1,770 cash for services provided to a customer. e. The company paid $8,295 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,180 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,336 cash as partial payment for the account receivable created in transaction f i. The company paid a $900 cash dividend to the owner (sole shareholder). Print References Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Ca Receivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expen 2. Post entries to T-accounts and the ending balances will be calculated. Required 1 Required 2 Post entries to T-accounts and the ending balances will be calculated. Cash Accounts Receivable Balance 0 Balance 0 Balance Balance Supplies 0 Accounts Payable Dividends Balance 0 Balance Equipment Common Stock. 0 Services Revenue. Dividends Balance Rent Expense Balance Balance 0 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started