Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common Stock;

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense. Journal entry worksheet 23456789 K. Spade, owner, invested $19,250 cash in the company in exchange for common stock. Note: Fnter debits before ciedas. Complete this question by entering your answers in the tabs below. Post entries to T-accounts and the ending balances will be calculated. Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses. Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,250 cash in the company in exchange for common stock. b. The company purchased supplies for $558cash. c. The company purchased $10,645 of equipment on credit. d. The company received $2,272 cash for services provided to a customer. e. The company paid $10,645 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,081 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,714 cash as partial payment for the account recelvable created in transaction f. i. The company paid a $900 cash dividend to the owner (sole shareholder). Required: 1. Prepare general joumal entries to record the transoctions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense. 2. Post entries to T-accounts and the ending balances will be calculated. (1) Required information \begin{tabular}{|l|l|l|l|l|l|l|} \hline & \\ \hline & & & & & \\ \hline \end{tabular}

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

Master Your Money Insider Secrets For Financial Success

Authors: William J. Ramirez

1st Edition

979-8865784432

More Books

Students also viewed these Accounting questions