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The transactions of Spade Company appear below. K. Spade, owner, invested $16,750 cash in the company. The company purchased supplies for $486 cash. The company
The transactions of Spade Company appear below.
- K. Spade, owner, invested $16,750 cash in the company.
- The company purchased supplies for $486 cash.
- The company purchased $9,263 of equipment on credit.
- The company received $1,977 cash for services provided to a customer.
- The company paid $9,263 cash to settle the payable for the equipment purchased in transaction c.
- The company billed a customer $3,551 for services provided.
- The company paid $525 cash for the monthly rent.
- The company collected $1,491 cash as partial payment for the account receivable created in transaction f.
- K. Spade withdrew $1,100 cash from the company for personal use.
Required:
- Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Services Revenue; and Rent Expense.
- Post entries to T-accounts and the ending balances will be calculated.
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