[The following information applies to the questions displayed below.] The transactions of Spade Company appear below. K. Spade, owner, invested $12,750 cash in the company. The company purchased supplies for $370 cash. The company purchased $7,051 of equipment on credit. The company received $1,505 cash for services provided to a customer. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,703 for services provided. The company paid $530 cash for the monthly rent. The company collected $1,135 cash as partial payment for the account receivable created in transaction f. K. Spade withdrew $1,000 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.
[The following information applies to the questions displayed below.] The transactions of Spade Company appear below. K. Spade, owner, invested $12,750 cash in the company. The company purchased supplies for $370 cash. The company purchased $7,051 of equipment on credit. The company received $1,505 cash for services provided to a customer. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,703 for services provided. The company paid $530 cash for the monthly rent. The company collected $1,135 cash as partial payment for the account receivable created in transaction f. K. Spade withdrew $1,000 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
Ee 149.
![[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
K. Spade, owner, invested $12,750 cash in the company.
The company purchased supplies for $370 cash.
The company purchased $7,051 of equipment on credit.
The company received $1,505 cash for services provided to a customer.
The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c.
The company billed a customer $2,703 for services provided.
The company paid $530 cash for the monthly rent.
The company collected $1,135 cash as partial payment for the account receivable created in transaction f.
K. Spade withdrew $1,000 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%2F26db126d-8e8c-413c-bd3b-e051e86de7e1%2F867ac4d8-b54c-45fd-9951-3b80020238a4%2Fntvtyit_processed.png&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
K. Spade, owner, invested $12,750 cash in the company.
The company purchased supplies for $370 cash.
The company purchased $7,051 of equipment on credit.
The company received $1,505 cash for services provided to a customer.
The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c.
The company billed a customer $2,703 for services provided.
The company paid $530 cash for the monthly rent.
The company collected $1,135 cash as partial payment for the account receivable created in transaction f.
K. Spade withdrew $1,000 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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