Question
The transactions of Spade Company appear below. K. Spade, owner, invested $10,000 cash in the company in exchange for common stock. The company purchased supplies
The transactions of Spade Company appear below.
K. Spade, owner, invested $10,000 cash in the company in exchange for common stock.
The company purchased supplies for $290 cash.
The company purchased $5,530 of equipment on credit.
The company received $1,180 cash for services provided to a customer.
The company paid $5,530 cash to settle the payable for the equipment purchased in transaction c.
The company billed a customer $2,120 for services provided.
The company paid $530 cash for the monthly rent.
The company collected $890 cash as partial payment for the account receivable created in transaction f.
The company paid a $1,000 cash dividend to the owner (sole shareholder).
Exercise 2-13 (Algo) Recording effects of transactions in T-accounts LO A1
Required: 1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense. 2. Post entries to T-accounts and the ending balances will be calculated.
Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense.
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