Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Kacy Spade, owner, invested $15,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $450 cash.

image text in transcribed

a. Kacy Spade, owner, invested $15,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $450 cash. c. The company purchased $8,572 of office equipment on credit. d. The company received $1,829 cash as fees for services provided to a customer. e. The company paid $8,572 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,286 as fees for services provided. g. The company paid $535 cash for the monthly rent. h. The company collected $1,380 cash as partial payment for the account receivable created in transaction f 1. The company paid a $900 cash dividend to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable: Office Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Fees Earned; and Rent Expense. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. Complete this question by entering your answers in the tabs below. d. h. Required 1 Required 2 Post the above journal entries to T-accounts, which serves as the general ledger for this assignment. Accounts Receivable 3,286 h 1,380 Cash 15,500 b. 450 f. 1,829 e 8,572 1,380 g 535 900 Balance 1,906 Balance 8,252 b. Office Supplies 450 Office Equipment 8,572 Balance 450 Balance 8,572 e. Accounts Payable 8,572 c. Common Stock 8,572 a 15,000 Balance Dividends 900 Balance 900 9 Rent Expense 530 Balance 530 0 Balance 15,000 Balance Fees Earned 1,829 3,286 < Required 1 Required 2 > 5,115

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: James Jiambalvo

5th edition

1118078764, 978-1118078761

More Books

Students also viewed these Accounting questions

Question

What do the terms internal and external fit mean in an HRM context?

Answered: 1 week ago