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
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 transactionc 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. 1. The company paid a $10,000 cash dividend to the owner (sole shareholder) Required: 1. Prepare general journal entries to record the transactions above for Space 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 Answer is not complete. 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. No Transaction General Journal Credit Debit 100,750 1 a 0 Cash Common stock 100,750 2 b. 1.250 Office supplies Cash O10 1,250 c. 10,050 Office equipment Accounts payable 10,050 4 d. Cash 15,500 Fees earned 15,500 5 Accounts payable Cash 10,050 ol 10.050 6 Accounts receivable 2,700 7 Rent expense ol Oo Cash 1.225 1.225 8 h. Cash 1.125 Dividends Cash 10,000 00 10,000 Required Required 2 > Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. Accounts Receivable 2,700 h. 1,125 Cash 100,750 lb 15,5009 1,125 OOO 1,250 1,225 d. h. Balance 1,575 Balance 114,900 Office Supplies 1.250 Office Equipment 10,050 C. Balance 1.250 Balance 10.050 Common Stock Accounts Payable 10,050 c. 10,050 a 100.750 Balance 0 Balance 100.750 Dividends 10,000 Fees Earned d. > > 15.500 Balance 10,000 Balance 15,500 Rent Expense 1.225 Balance 1.225

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_2

Step: 3

blur-text-image_step3

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

More Books

Students explore these related Accounting questions