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[The following information applies to the questions displayed below.] The transactions of Spade Company appear below. K. Spade, owner, invested $17,000 cash in the company
[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
- K. Spade, owner, invested $17,000 cash in the company in exchange for common stock.
- The company purchased supplies for $493 cash.
- The company purchased $9,401 of equipment on credit.
- The company received $2,006 cash for services provided to a customer.
- The company paid $9,401 cash to settle the payable for the equipment purchased in transaction c.
- The company billed a customer $3,604 for services provided.
- The company paid $520 cash for the monthly rent.
- The company collected $1,514 cash as partial payment for the account receivable created in transaction f.
- The company paid a $900 cash dividend to the owner (sole shareholder).
Required:
- 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.
- Post entries to T-accounts and the ending balances will be calculated.
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