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 $100,750 cash in the company in exchange for common stock. b. The company

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
'The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $1,250 cash. c. The company purchased $10,050 of office equipment on credit d. The company received $15,500 cash as fees for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,700 as fees for services provided. g. The company paid $1,225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. 1. The company paid $10,000 cash in dividends 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. Use the letters beside each transaction to identify entries. View transaction list Journal entry worksheet Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. Note: Enter debits before credits. Transaction General Journal a Cash Common stock Credit Debit 100,750 100,750 Record entry Clear entry View general journal 2. Post the above journal entries to T-accounts, which serves as the general ledger for this assignment Determine the ending balance of each T-account. Cash Accounts Receivable Balance Balance Office Supplies Office Equipment Balance Balance Accounts Payable Common Stock Balance 0 Balance 0 Dividends Fees Earned Balance 0 Balance 0 fo Rent Expense Balance 0

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

The Employee Motivation Audit

Authors: Jane Weightman

1st Edition

0955970709, 978-0955970702

More Books

Students also viewed these Accounting questions

Question

outline some of the current issues facing HR managers

Answered: 1 week ago