Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check m Exercise 2-9 Recording effects of transactions in T-accounts LO A1 The transactions of Spade Company appear below a. Kacy Spade, owner, invested $17000

image text in transcribed

Check m Exercise 2-9 Recording effects of transactions in T-accounts LO A1 The transactions of Spade Company appear below a. Kacy Spade, owner, invested $17000 cash in the company in exchange for common stock. b. The company purchased office supplies for $493 cash. c. The company purchased $9.401 of office equipment on credit. d. The company received $2,006 cash as fees for services provided to a customer. e. The company paid $9,401 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,604 as fees for services provided. g. The company paid $510 cash for the monthly rent h. The company collected $1,514 cash as partial payment for the account receivable created in transaction f i. The company paid $1,100 cash in dividends 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. Use the letters beside each transaction to identify entries. 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

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

Step: 3

blur-text-image

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

The Customer Support Audit

Authors: Colin G. Armistead

1st Edition

190776609X, 978-1907766091

More Books

Students also viewed these Accounting questions