Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required Information [The following Information applles to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, Invested $10,750 cash
Required Information [The following Information applles to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, Invested $10,750 cash in the company. b. The company purchased supplles for $312 cash. c. The company purchased $5,945 of equipment on credit. d. The company recelved $1,269 cash for services provided to a customer. e. The company pald $5,945 cash to settle the payable for the equipment purchased In transaction c. f. The company billed a customer $2,279 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $957 cash as partlal payment for the account recelvable created in transaction f. I. K. Spade withdrew $1,000 cash from the company for personal use. Required: 1. Prepare general journal entrles to record the transactions of Spade Company by using the following accounts: Cash; Accounts Recelvable; Supplies; Equipment; Accounts Payable; K. Spade, Capltal; K. Spade, Withdrawals; Services Revenue; and Rent Expense. 2. Post entrles to T-accounts and the ending balances will be calculated. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: tnter aedits derore crealts, Required Information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, Invested $10,750 cash in the company. b. The company purchased supplies for $312 cash. c. The company purchased $5,945 of equipment on credit. d. The company recelved $1,269 cash for services provided to a customer. e. The company pald $5,945 cash to settle the payable for the equipment purchased In transaction c. f. The company billed a customer $2,279 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $957 cash as partlal payment for the account recelvable created in transactlon f. I. K. Spade withdrew $1,000 cash from the company for personal use. Requlred: 1. Prepare general journal entrles to record the transactlons of Spade Company by using the following accounts: Cash; Accounts Recelvable; Supplies; Equipment; Accounts Payable; K. Spade, Capltal; K. Spade, Withdrawals; Services Revenue; and Rent Expense. 2. Post entries to T-accounts and the ending balances will be calculated. Complete this question by entering your answers in the tabs below. Dret antriec th. T-arraunte and the andinn halanres will ho ralrullated
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