Answered step by step
Verified Expert Solution
Question
1 Approved Answer
! Required information (The following information applies to the questions displayed below.) The transactions of Spade Company appear below. a. K. Spade, owner, invested $17,000
! Required information (The following information applies to the questions displayed below.) The transactions of Spade Company appear below. a. K. Spade, owner, invested $17,000 cash in the company in exchange for common stock. b. The company purchased supplies for $493 cash. c. The company purchased $9,401 of equipment on credit. d. The company received $2,006 cash for services provided to a customer. e. The company paid $9,401 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,604 for services provided. g. The company paid $530 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 a $900 cash dividend to the owner (sole shareholder). Required: 1. 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. 2. Post entries to T-accounts and the ending balances will be calculated. Required 1 Required 2 Post entries to T-accounts and the ending balances will be calculated. Cash Accounts Receivable Balance Balance Supplies Equipment Balance Balance Accounts Payable Common Stock Balance Balance Dividends Services Revenue Balance Balance Rent Expense Balance
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