a. Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $312 cash. c. The company purchased $5,945 of office equipment on credit. d. The company received $1,268 cash as fees for services provided to a customer. e. The company paid $5,945 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,279 as fees for services provided. g. The company paid $520 cash for the monthly rent. h. The company collected $957 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,000 cash dividend to the owner (sole shareholder). Required:

a. Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $312 cash. c. The company purchased $5,945 of office equipment on credit. d. The company received $1,268 cash as fees for services provided to a customer. e. The company paid $5,945 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,279 as fees for services provided. g. The company paid $520 cash for the monthly rent. h. The company collected $957 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,000 cash dividend to the owner (sole shareholder). Required:

Name: The transactions of Spade Company appear below.a. Kacy Spade, owner,
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Description: The transactions of Spade Company appear below.a. Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock.b. The company purchased office supplies for $312 cash.c. The company purchased $5,945 of office equipment on cred

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1.400 cash from the issue of common stock. 2) Borrowed $870 from a bank. 3) Earned $1,100 of revenues. 4) Paid expenses of $340 5) Paid a $140 dividend During Year 2. Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $775 of common stock. 2) Repaid $535 of its debt to the bank. 3) Earned revenues of $1,200. 4) Incurred expenses of $540. (5) Paid dividends of $190. The amount of total liabilities on Packard's Year 1 balance sheet is Multiple Choice с $870 $1,210 $610 $335 Drow 50 Next
3. Record journal entries for each of the following transactions for MM Corporation: a. MM Corp. provided services to customers on account for $50,000 b. MM received $42,000 in cash from customers who had previously purchased goods on account c. MM paid $5,000 in cash for their utilities in the current month d. MM purchased $2,000 of inventory on account e. MM provided consulting services for $17,000 in cash f. MM paid $2,000 for business insurance that will cover the next two years g. MM bought a new delivery truck for $500 h. MM paid a cash dividend of $1,000 i. MM paid $4,000 in salary to its employees j. MM issued common stock in exchange for $1,000 k. MM repaid $3,000 worth of loans 1. MM pays $4,000 to its supplier for inventory previously purchased m. MM's employees earned $5,000 this week. MM paid them $2,000 in cash and promised to past the remainder at the end of the month.
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7. Purchased more office supplies from General Office Company for $1,500 on account. Identify the two parties to this transaction. Describe the activity of each party Which party is being accounted for Describe the impact on company value Maquoketa Services adds a liability (Accounts Payable) for $1,500 pertaining to office supplies. Describe the portions of the transaction occurring currently and describe portions of transaction that is being deferred (postponed) Was cash exchanged in the transaction?
Required Information [The following information applies to the questions displayed below] The transactions of Spade Company appear below. a. K. Spade, owner, Invested $18,000 cash in the company in exchange for common stock. b. The company purchased supplies for $522 cash. c. The company purchased $9,954 of equipment on credit. d. The company received $2,124 cash for services provided to a customer. e. The company paid $9,954 cash to settle the payable for the equipment purchased in transaction c. 1. The company billed a customer $3,816 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,603 cash as partial payment for the account receivable created in transaction f 1. The company paid a $1,100 cash dividend to the owner (sole shareholder). Prepare the Trial Balance, Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.)
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