Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What am i missing? a. Kacy Spade, owner, invested $10 the company in exchange for common stock. b. The company purchased office supplies for $1,250

image text in transcribedimage text in transcribedWhat am i missing?

a. Kacy Spade, owner, invested $10 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 transaction c. 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 f. i. The company paid $10,000 cash in dividends 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. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. Cash Accounts Receivable 2,700 h. a. b. 1,125 100,750 15,500 1,250 10,050 d. e. h. 1,125 g. 1,225 i. 10,000 Balance 1,575 Balance 94,850 Office Supplies 1,250 Office Equipment 10,050 b. 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 Fees Earned i. 10,000 d. 15,500 2,700 f. Balance 10,000 Balance 18,200 Rent Expense g. 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_2

Step: 3

blur-text-image_3

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

Commercial Energy Auditing Reference Handbook

Authors: Steve Doty

3rd Edition

1498769268, 978-1498769266

More Books

Students also viewed these Accounting questions

Question

2. Describe how technology can impact intercultural interaction.

Answered: 1 week ago

Question

7. Define cultural space.

Answered: 1 week ago