FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
a. K. Spade, owner, invested $19,250 cash in the company.
b. The company purchased supplies for $558 cash.
c. The company purchased $10,645 of equipment on credit.
d. The company received $2,272 cash for services provided to a customer.
e. The company paid $10,645 cash to settle the payable for the equipment purchased in transaction c.
f. The company billed a customer $4,081 for services provided.
g. The company paid $535 cash for the monthly rent.
h. The company collected $1,714 cash as partial payment for the account receivable created in transaction f.
1. K. Spade withdrew $1,100 cash from the company for personal use.
equired:
1. 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.
2. Post entries to T-accounts and the ending balances will be calculated.
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Transcribed Image Text:[The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,250 cash in the company. b. The company purchased supplies for $558 cash. c. The company purchased $10,645 of equipment on credit. d. The company received $2,272 cash for services provided to a customer. e. The company paid $10,645 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,081 for services provided. g. The company paid $535 cash for the monthly rent. h. The company collected $1,714 cash as partial payment for the account receivable created in transaction f. 1. K. Spade withdrew $1,100 cash from the company for personal use. equired: 1. 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. 2. Post entries to T-accounts and the ending balances will be calculated.
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