Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $19, 750 cash in the company in exchange for common stock. b. The

image text in transcribed

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $19, 750 cash in the company in exchange for common stock. b. The company purchased office supplies for $573 cash. c. The company purchased $10, 922 of office equipment on credit. d. The company received $2, 330 cash as fees for services provided to a customer. e. The company paid $10, 922 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $4, 187 as fees for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1, 759 cash as partial payment for the account receivable created in transaction f. i. The company paid $1, 200 cash in dividends to the owner (sole shareholder). Required: Prepare general journal entries to record the transactions below 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. Use the letters beside each transaction to identify entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions