3encesPrepare general journal entries to record the transactions of Spade Company by using the following accReceivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; andView transaction listJournal entry worksheet<123Note: Enter debits before credits.Transactiona.CashK. Spade, owner, invested $15,500 cash in the company in exchange forcommon stock.Record entry4Common stock5 6 7General JournalClear entry8Required 1Debit15,5009Credit15,500View general journalRequired 2 >>

Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Answered: Prepare general journal entries to…

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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A transaction has been recorded in the T-accounts of Horowitz Corporation as follows: Debit Cash 25,000 A. + B. + C. D. Credit Assets = Liabilities Multiple Choice Which of the following reflects how this event affects the company's financial statements? Balance Sheet O Option C Option D Option B Option A Common Stock + N/A N/A Debit Credit 25,000 N/A Stockholders' Equity N/A + Revenue N/A N/A N/A Income Statement Expense = Net Income Statement of Cash Flows +FA +FA +0A -IA N/A N/A N/A + N/A N/A
A Required 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 Expense 2. 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…
The following accounts and balances were drawn from the records of Barker Company at December 31, Year 2: Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued Complete this question by entering your answers in the tabs below. Income Statement Stmt of Changes Use the accounts and balances from Barker Company to construct balance sheet. Assets Total assets Liabilities Required Use the accounts and balances from Barker Company to construct an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows). $ 660 Beginning retained earnings (7,700) Cash flow from financing act. 2,400 Rent expense 77,000 Dividends 44,000 Cash Accounts receivable. Prepaid rent Unearned revenue 7,700 Land 5,900 Accounts payable Balance Sheet BARKER…
PLEASE PROVIDE ANSWER IN TEXT STEPWISE AND ALSO EXPLANATION OF ANSWER...? Nash's Trading Post, LLC compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $825000 175000 225000 725000 200000 55000 30000 100000 290000 425000 Nash's,LLC's retained earnings on December 31, 2022 are:
Question 30: Match each form to its purpose. SS-4 Used to obtain a Social Security number DROP HERE W-4 Provides information to calculate income tax withholding DROP HERE SS-5 Used to obtain an Employer Identification Number DROP HERE 1-9 Verifies employment eligibility DROP HERE Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this week, Stanley works 4 hours and 9 minutes in the morning and 3 hours and 11 minutes in the afternoon. How does Alejandra record Stanley's time? Answer: A. O 7 hours B. O 7 hours and 15 minutes C. O 7 hours and 20 minutes D. O 7 hours and 30…
The following are comparative balance sheets for Bramble Company. Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. 2. 3. 4. BRAMBLE Company Comparative Balance Sheets December 31 5. 6. 7. 2022 $73,500 86,200 169,600 73,300 259,600 (66,400) $595,800 $35,300 151,500 217,200 191,800 $595,800 2021 $32,900 70,600 187,200 101,200 200,700 (33,900) $558,700 $46,600 203,000 174,700 134,400 $558,700 Net income for 2022 was $101,500. Depreciation expense was $32,500. Cash dividends of $44,100 were declared and paid. Bonds payable with a carrying value of $51,500 were redeemed for $51,500 cash. Common stock was issued at par for $42,500 cash. No equipment was sold during 2022. Land was sold for its book value. Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash…
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Selected ledger entries from the books of Solomon's Electrical Services follow: Common Stock Transaction Debit amount Transaction Credit amount 12/31 8,500 1/1 90, 000 12/31 30,000 Retained Earnings Transaction Debit amount Transaction Credit amount 12/31 5,000 1/1 62,000 12/31 18,000 Dividends Transaction Debit amount Transaction Credit amount 3/31 2, 500 12/31 5, 000 9/30 2,500 The balance in retained earnings that will appear on the financial statements as of December 31 is a. $57,000 b. $39,000 c. $85,500 d. $ 62,000
In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100

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