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The transactions of Spade Company appear below. a. K. Spade, owner, invested $18,750 cash in the company in exchange for common stock. b. The company
The transactions of Spade Company appear below. a. K. Spade, owner, invested $18,750 cash in the company in exchange for common stock. b. The company purchased supplies for $544 cash. c. The company purchased $10,369 of equipment on credit d. The company received $2,213 cash for services provided to a customer. e. The company paid $10,369 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3.975 for services provided. 9. The company paid $515 cash for the monthly rent h. The company collected $1,670 cash as partial payment for the account receivable created in transaction f L. The company paid a $1,000 cash dividend to the owner (sole shareholder). 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. Required Required 1 2 Post entries to T-accounts and the ending balances will be calculated. Cash Balance Balance Balance Balance Balance 01 Supplies Accounts Payable Dividends 0 Rent Expense 01 Balance Balance 0 Balance Balance 13 Accounts Receivable 0 Equipment 0 Common Stock 0 Services Revenue 0
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