Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Use the following information for Exercises 13-14 below. (Algo) (The following information applies to the questions displayed below) The transactions of Spade Company

image text in transcribed
Required information Use the following information for Exercises 13-14 below. (Algo) (The following information applies to the questions displayed below) The transactions of Spade Company appear below a. Kacy Spade, owner invested $16,000 cash in the company in exchange for common stock b. The company purchased supplies for $464 cash c. The company purchased $8,848 of equipment on credit d. The company received $1.888 cash for services provided to a customer c. The company paid $8,848 cash to settle the payable for the equipment purchased in transaction f. The company biled a customer $3,392 for services provided 9. The company pald $525 cash for the monthly rent h. The company collected $1.425 cash as partial payment for the account receivable created in transaction 1. The company paid a $1,200 castydividend to the owner (sole shareholder). Exercise 2-13 (Algo) 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 Complete this question by entering your answers in the tabs below

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_2

Step: 3

blur-text-image_3

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

Fundamentals Of IT Audit For Operational Auditors

Authors: Timothy McWilliams

1st Edition

1634541332, 978-1634541336

More Books

Students also viewed these Accounting questions

Question

=+4. Compile and consolidate the answers to these questions.30

Answered: 1 week ago

Question

What laws have been passed to legislate ethics?

Answered: 1 week ago