Question
Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts
Prepare general journal entries to record the transactions below 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. After recording the transactions, post them to T-accounts. Determine the ending balance of each T-account.
Create Income Statement, Statement of Retained Earnings, Balance Sheet and Cash Flow Statement
The Company Sells Cars. You are preparing the transactions as of 31 August 2020
- Gary (owner) invested $ 100,000 cash in the company in exchange for common stock
- The company purchased office Furniture for $ 10,000 cash.
- The company purchased Supplies for $ 7,000 on credit.
- The company received $10,300 cash as fees for selling 1 Car.
- The company paid $ 5,200 cash to settle the payable for the office equipment purchased in transaction c.
- The company billed a customer $ 2,300 as fees for servicing the car.
- The company paid $ 1500 cash for the monthly rent.
- The company collected $ 700 cash as partial payment for the account receivable created in transaction .
- The company paid $ 30,000 cash in dividends to Gary (sole shareholder).
Please note that the company has an opening balance of Retained earnings of $ 55,000.
below is the requirement
Prepare general journal entries to record the transactions below 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. After recording the transactions, post them to T-accounts. Determine the ending balance of each T-account.
Create Income Statement, Statement of Retained Earnings, Balance Sheet and Cash Flow Statement
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