ARequired information[The following information applies to the questions displayed below.]Required:1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash;Receivable; Supplies; Equipment, Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense2. Post entries to T-accounts and the ending balances will be calculated.@The transactions of Spade Company appear below.a. Kacy Spade, owner, invested $11,500 cash in the company in exchange for common stock.b. The company purchased supplies for $334 cash.c. The company purchased $6,360 of equipment on credit.d. The company received $1,357 cash for services provided to a customer.e. The company paid $6,360 cash to settle the payable for the equipment purchased in transaction c.f. The company billed a customer $2,438 for services provided.g. The company paid $530 cash for the monthly rent.h. The company collected $1,02Tash as partial payment for the account receivable created in transaction fIi. The company paid a $900 cash dividend to the owner (sole shareholder).Complete this question by entering your answers in the tabs below.Required 1 Required 2f2#f3$f4f5%f6^< PrevXf71 of 5f8/Q ANext >*f9Xf10

The journal entries are prepared to record the transactions on regular basis. The T-accounts are…

f. The company billed a customer $2,438 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,02Tash as partial payment for the account receivable created in transaction f i. The company paid a $900 cash dividend to the owner (sole shareholder) red: Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cas Receivable; Supplies; Equipment, Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Exper Post entries to T-accounts and the ending balances will be calculated. Complete this question by entering your answers in the tabs below.

f. The company billed a customer $2,438 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,02Tash as partial payment for the account receivable created in transaction f i. The company paid a $900 cash dividend to the owner (sole shareholder) red: Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cas Receivable; Supplies; Equipment, Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Exper Post entries to T-accounts and the ending balances will be calculated. Complete this question by entering your answers in the tabs below.

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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An entity purchases office equipment for 525,000 on account. Select the appropriate journal entry to record this transaction. A. Office expense= 525,000 Accounts payable= 525,000 B. Office equipment= 525,000 Accounts payable= 525,000 C. Accounts Payable = 525,000 Office expense= 525,000 D. Accounts payable= 525,000 Office equipment = 525,000
3. On January 1 of the current year, Neptune, Inc. had the following accounts on its books: Accounts Receivable $240,000 (debit) Allowance for Doubtful Accounts 8,000 (credit) During this year, credit sales were $1,200,000 and collections on account were $1,160,000. a. Prepare general journal entries for the following transactions that occurred during the year: (1) Wrote off N. Purcell’s account, $6,800. (2) Wrote off J. Stein’s account, $2,400. (3) J. Stein, who is in bankruptcy, paid $800 in final settlement of the account written off in transaction. (2). This amount is not included in the $1,160,000 collections. (4) On December 31, estimated the year’s bad debts expense at 1% of credit sales. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the year-end balance sheet.
You are given the following list of accounts with dollar amounts: Rent Expense- $450 Cash-$1,725 Service Revenue- $750 M. Powell, Withdrawals-$375 Accounts Payable-$600 M. Powell, Capital-$1,200 Insert each account name at the top of a corresponding T account as shown in the attached image, and enter the dollar amount as a normal balance in the account. Then show that the accounting equation is in balance.
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A transaction has been recorded in the T-accounts of Simpson Company as follows: Debit Cash 850 Credit Multiple Choice Notes Payable Debit Which of the following could be an explanation for this transaction? Credit Simpson acquired $850 cash from the issue of common stock. The company loaned $850 to another company. The company repaid a $850 debt. The company borrowed $850. 850
On July 3, the ABC Company received $865 in cash on account from customers. Thecorrect journal entry to record this transaction is:?
The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320.
The chart of accounts for Doe Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, John Doe, Capital, John Doe, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On Feb. 1, the company received $50,000 cash from John Doe as an investment in the business. Indicate which account should be debited (1) and which account should be credited (2) for the $50,000 amount. JOURNAL page 2 DATE DESCRIPTION POST. REF. DEBIT CREDIT 2/01/18 (1) $50,000 (2) $50,000 Group of answer choices debit Cash; credit Fees Earned credit John Doe, Capital; credit Cash debit Cash; credit Accounts Payable debit Cash; credit John Doe, Capital
Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); ACcounts Payable (201); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Brooks invested $200,000 cash along with $28,000 in office equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01
A business received or issued the following invoices and paid or received the invoiced amounts on the following dates: Invoice date Invoice amount Date paid or received Purchase 2.6.X4 R1,000 26.6.X4 25.6.X4 R1,500 2.7.X4 Sales 8.6.X4 R2,000 26.6.X4 29.6.X4 R3,000 7.7.X4 There is no inventory at the beginning or end of June. What is the difference between the profit for June calculated on a cash basis, and calculated on an accruals basis? A. Nil B. R1,000 C. R1,500 D. R2,500
On November 10, JumpStart provides $2,170 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Required: (a) Journalize this event.* (b) On November 20, JumpStart’s clients paid an additional $560 on their accounts due. Journalize this event.* (c) Calculate the accounts receivable balance on November 30. *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSJumpStartGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Office Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck LIABILITIES 21 Notes Payable 22 Accounts Payable 23 Unearned Revenue EQUITY 31 JumpStart, Capital 32 JumpStart, Drawing REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous Expense (a) On November 10, JumpStart…
The following selected transactions were completed by Salvo Delivery Service during February: 1. Received cash from owner as additional investment in exchange for common stock, $35,000. 2. Paid creditors on account, $1,800. 3. Billed customers for delivery services on account, $11,250. 4. Received cash from customers on account, $6.740. 5. Paid dividends, $1.000. Requirements: Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock.Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $35,000: Common Stock increases by $35.000.