Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The transactions of Space Company appear below. a. Kacy Spade, owner, invested $11.250 cash in the company in exchange for common stock. b. The

image text in transcribedimage text in transcribed

The transactions of Space Company appear below. a. Kacy Spade, owner, invested $11.250 cash in the company in exchange for common stock. b. The company purchased office supplies for $326 cash. c. The company purchased $6,221 of office equipment on credit d. The company received $1,327 cash as fees for services provided to a customer. e. The company paid $6,221 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $2.385 as fees for services provided. g. The company paid $520 cash for the monthly rent. h. The company collected $1,002 cash as partial payment for the account receivable created in transaction f i. The company paid a $1,000 cash dividend to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable: Office Supplies: Office Equipment; Accounts Payable; Common Stock; Dividends; Fees Earned; and Rent Expense. Complete this question by entering your answers in the tah 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

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

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappett

23rd edition

1259536351, 978-1259536359

More Books

Students also viewed these Accounting questions

Question

How did he learn it? ? lop1

Answered: 1 week ago