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Required information Use the following information for Exercises 13-14 below. (Static) [The following information applies to the questions displayed below.] The transactions of Spade
Required information Use the following information for Exercises 13-14 below. (Static) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. b. The company purchased supplies for $1,250 cash. c. The company purchased $10,050 of equipment on credit. d. The company received $15,500 cash for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c f. The company billed a customer $2,700 for services provided. g. The company paid $1,225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f i. The company paid a $10,000 cash dividend to the owner (sole shareholder). Exercise 2-13 (Static) Recording effects of transactions in T-accounts LO A1 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.
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