Answered step by step
Verified Expert Solution
Question
1 Approved Answer
o. Kacy Spade, owner, invested $11.000 cash in the company in exchange for common stock. b. The company purchased office supplies for $319 cash. c.
o. Kacy Spade, owner, invested $11.000 cash in the company in exchange for common stock. b. The company purchased office supplies for $319 cash. c. The company purchased $6,083 of office equipment on credit. d. The company received $1.298 cash as fees for services provided to a customer. e. The company paid $6.083 cash to settle the payable for the office equipment purchased in transaction c. t. The company billed a customer $2,332 as fees for services provided. g. The company paid $520 cash for the monthly rent. h. The company collected $979 cash as partial payment for the account receivable created in transaction f. 1. The company paid a $1.000 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. Required 1 Required 2 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. View transaction list Journal entry worksheet Kacy Spade, owner, invested $11,000 cash in the company in exchange for common stock. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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