Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[ The following information applies to the questions displayed below. ] The transactions of Spade Company appear below. K . Spade, owner, invested $ 1

[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
K. Spade, owner, invested $13,500 cash in the company.
The company purchased supplies for $392 cash.
The company purchased $7,466 of equipment on credit.
The company received $1,593 cash for services provided to a customer.
The company paid $7,466 cash to settle the payable for the equipment purchased in transaction c.
The company billed a customer $2,862 for services provided.
The company paid $535 cash for the monthly rent.
The company collected $1,202 cash as partial payment for the account receivable created in transaction f.
K. Spade withdrew $1,000 cash from the company for personal use.
Required:
Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Services Revenue; and Rent Expense.
Post entries to T-accounts and the ending balances will be calculated.

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

Lean Auditing Driving Added Value And Efficiency In Internal Audit

Authors: James C. Paterson

1st Edition

1118896882, 978-1118896884

More Books

Students also viewed these Accounting questions

Question

a neglect of quality in relationship to international competitors;

Answered: 1 week ago