Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The transactions of Spade Company appear below. a. K. Spade, owner, invested $16,500 cash in the company in exchange for common stock. b. The


 

The transactions of Spade Company appear below. a. K. Spade, owner, invested $16,500 cash in the company in exchange for common stock. b. The company purchased supplies for $479 cash. c. The company purchased $9,125 of equipment on credit. d. The company received $1,947 cash for services provided to a customer. e. The company paid $9,125 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,498 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,469 cash as partial payment for the account receivable created in transaction f. i. The company paid a $800 cash dividend 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.

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

Calculus

Authors: Ron Larson, Bruce H. Edwards

10th Edition

1285057090, 978-1285057095

More Books

Students also viewed these Accounting questions