Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. 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.
Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Give me correct answers and explanation
![Required information
[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4d5c578-5171-44b2-9f0b-c47835870cb5%2F061b4e39-2009-4ed5-8735-12da9ba7ef9f%2Fxbfrx0h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
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.
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