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 $10,500 cash in the company in exchange for common stock. b. The

image text in transcribedimage text in transcribed

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $305 cash. c. The company purchased $5,807 of office equipment on credit. d. The company received $1,239 cash as fees for services provided to a customer. e. The company paid $5,807 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,226 as fees for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $935 cash as partial payment for the account receivable created in transaction f 1. The company paid a $800 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. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. Complete this question by entering your answers in the tabs below. Required 1 Required 2

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

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald W. Hilton

11th edition

125956956X, 978-1259569562

More Books

Students also viewed these Accounting questions