For the following transactions of Spade Company, (1) prepare general journal entries and (2) post entries to T-accounts and calculate the ending balance of each T-account. Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense. Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. The company purchased supplies for $1,250 cash. The company purchased $10,050 of equipment on credit. The company received $15,500 cash for services provided to a customer. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,700 for services provided. The company paid $1,225 cash for the monthly rent. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. The company paid a $10,000 cash dividend to the owner (sole shareholder).
For the following transactions of Spade Company, (1) prepare general journal
-
Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock.
-
The company purchased supplies for $1,250 cash.
-
The company purchased $10,050 of equipment on credit.
-
The company received $15,500 cash for services provided to a customer.
-
The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c.
-
The company billed a customer $2,700 for services provided.
-
The company paid $1,225 cash for the monthly rent.
-
The company collected $1,125 cash as partial payment for the account receivable created in transaction f.
-
The company paid a $10,000 cash dividend to the owner (sole shareholder).
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
