a. K. Spade, owner, invested $100,750 cash in the company. b. The company purchased supplies for $1,250 cash. c. The company purchased $10,050 of equipment on credit. d. The company received $15,500 cash for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,700 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. K. Spade withdrew $10,000 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. 2. Post entries to T-accounts and the ending balances will be calculated. Complete this question by entering your answers in the tabs below. Required 1 Required 2

a. K. Spade, owner, invested $100,750 cash in the company. b. The company purchased supplies for $1,250 cash. c. The company purchased $10,050 of equipment on credit. d. The company received $15,500 cash for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,700 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. K. Spade withdrew $10,000 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. 2. Post entries to T-accounts and the ending balances will be calculated. Complete this question by entering your answers in the tabs below. Required 1 Required 2

Name: a. K. Spade, owner, invested $100,750 cash in the company.b. The comp
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Description: a. K. Spade, owner, invested $100,750 cash in the company.b. The company purchased supplies for $1,250 cash.c. The company purchased $10,050 of equipment on credit.d. The company received $15,500 cash for services provided to a customer.e. The compa

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

a. K. Spade, owner, invested $100,750 cash in the company.
b. The company purchased supplies for $1,250 cash.
c. The company purchased $10,050 of equipment on credit.
d. The company received $15,500 cash for services provided to a customer.
e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c.
f. The company billed a customer $2,700 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. K. Spade withdrew $10,000 cash from the company for personal use.
Required:
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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts

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a. K. Spade, owner, invested $18,500 cash in the company. b. The company purchased supplies for $537 cash. c. The company purchased $10,231 of equipment on credit. d. The company received $2,183 cash for services provided to a customer. e. The company paid $10,231 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,922 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,647 cash as partial payment for the account receivable created in transaction f I.K. Spade withdrew $1,000 cash from the company for personal use. Required: 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. Complete this question by…
The transactions of Spade Company appear below. a. K. Spade, owner, invested $17,500 cash in the company." b. The company purchased supplies for $508 cash. c. The company purchased $9,678 of equipment on credit. d. The company received $2,065 cash for services provided to a customer. e. The company paid $9,678 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,710 for services provided. 9. The company paid $530 cash for the monthly rent. h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f i. K. Spade withdrew $1,000 cash from the company for personal use. Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. Cash K. Spade, Capital Supplies K. Spade, Withdrawals Equipment Rent expense Services revenue Accounts receivable Totals Answer is not complete. SPADE COMPANY Trial Balance May 31 Debit IS 9,407 508 1,000 9,678…
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Subject : Accounting
The following information pertains to an entity’s cash account: Cash balance, beginning 880,000 Cash receipts from the sale of goods 8,000,000 Cash receipts from dividends and interest 80,000 Cash payments for interest 250,000 Cash payments to suppliers of goods 6,000,000 Cash payments to employees 800,000 Cash payments to acquire property, plant and equipment 1,200,000 Cash receipts from sales of property, plant and equipment 280,000 Cash payments to acquire equity or debt instruments of other entities 520,000 Cash receipts from sales equity or debt instruments of other entities 430,000 Cash proceeds from issuing shares 1,600,000 Cash payments to owners to redeem the entity’s shares 340,000 Cash proceeds from borrowings 2,100,000 Cash repayments of amounts borrowed 1,700,000 The entity’s cash balance at the end of the period is a. 2,560,000 b. 2,650,000 c. 2,480,000 d. 2,840,000
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,100 of common stock for cash. 2) The company paid cash to purchase $7,900 of inventory. 3) The company sold inventory that cost $5,300 for $10,900 cash. 4) Operating expenses incurred and paid during the year, $4,800. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $11,400 of inventory. 2) The company sold inventory that cost $9,500 for $17,500 cash. 3) Operating expenses incurred and paid during the year, $5,800. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2? Multiple Choice $9,500 $2,200 $6,100 $8,000
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Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $45,200 of common stock for cash. 2) The company paid cash to purchase $28,000 of Inventory. 3) The company sold inventory that cost $17,600 for $34,600 cash. 4) Operating expenses incurred and paid during the year, $15,600. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $38,400 of inventory. 2) The company sold inventory that cost $34,400 for $61,000 cash. 3) Operating expenses incurred and paid during the year, $19,600. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice $7,000