Answered step by step
Verified Expert Solution
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 company
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 f. The company billed a customer $4,187 as fees for services provided 9. The company paid $510 cash for the monthly rent h. The company collected $1,759 cash as partial payment for the account receivable created in transaction 1. The company paid a $1,000 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 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 Prepare general Journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Recevable, office Supplies: Omce 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started