Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $11,750 cash in the company. b. The company purchased supplies for $341 cash. c. The company purchased $6,498 of equipment on credit. d. The company received $1,387 cash for services provided to a customer. e. The company paid $6,498 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,491 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,046 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $900 cash from the company for personal use. Exercise 2-13 (Algo) Recording effects of transactions in T-accounts LO A1 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.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.6: Buying Intangible Assets And Calculating Amortization Expense

Problem 1OYO

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Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $11,750 cash in the company. b. The company purchased supplies for $341 cash. c. The company purchased $6,498 of equipment on credit. d. The company received $1,387 cash for services provided to a customer. e. The company paid $6,498 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,491 for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,046 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $900 cash from the company for personal use. Exercise 2-13 (Algo) Recording effects of transactions in T-accounts LO A1 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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