Answered step by step
Verified Expert Solution
Link Copied!

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 $15,750 cash

image text in transcribedimage text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $15,750 cash in the company in exchange for common stock. b. The company purchased supplies for $457 cash. c. The company purchased $8,710 of equipment on credit. d. The company received $1,859 cash for services provided to a customer. e. The company paid $8,710 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,339 for services provided. g. The company paid $520 cash for the monthly rent. h. The company collected $1,402 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. Balance Balance Balance Balance Balance Cash Supplies 0 Accounts Payable Dividends Rent Expense Balance Balance 0 Balance Balance Accounts Receivable 0 Equipment 0 Common Stock Services Revenue Journal entry worksheet

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

Behavioral Finance And Investor Types

Authors: Michael M. Pompian

1st Edition

1118011503, 978-1118011508

More Books

Students also viewed these Finance questions

Question

2. Describe how technology can impact intercultural interaction.

Answered: 1 week ago