Required information[The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock.b. The company purchased supplies for $573 cash.c. The company purchased $10,922 of equipment on credit.d. The company received $2,331 cash for services provided to a customer.e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c.f. The company billed a customer $4,187 for services provided.g. The company paid $510 cash for the monthly rent.h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f.i. The company paid a $1,100 cash dividend to the owner (sole shareholder).Required:1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; AccountsReceivable; 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.Complete this question by entering your answers in the tabs below.Required 1Required 2Post entries to T-accounts and the ending balances will be calculated.CashBalanceAccounts Receivable0 Required information[The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock.b. The company purchased supplies for $573 cash.c. The company purchased $10,922 of equipment on credit.d. The company received $2,331 cash for services provided to a customer.e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c.f. The company billed a customer $4,187 for services provided.g. The company paid $510 cash for the monthly rent.h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f.i. The company paid a $1,100 cash dividend to the owner (sole shareholder).Required:1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; AccountsReceivable; 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.Complete this question by entering your answers in the tabs below.Required 1Required 2Post entries to T-accounts and the ending balances will be calculated.CashBalanceAccounts Receivable0

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Description: Required information[The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock.b. The company purchased su

Journal entries are those which are reported in the books of accounts for the preparation of…

Business

Accounting

The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock. b. The company purchased supplies for $573 cash. c. The company purchased $10,922 of equipment on credit. d. The company received $2,331 cash for services provided to a customer. e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,187 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). 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; Common Stock; Dividends; Services Revenue; and Rent Expense. 2. Post entries to T-accounts and the ending balances will be calculated. D

The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock. b. The company purchased supplies for $573 cash. c. The company purchased $10,922 of equipment on credit. d. The company received $2,331 cash for services provided to a customer. e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,187 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). 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; Common Stock; Dividends; Services Revenue; and Rent Expense. 2. Post entries to T-accounts and the ending balances will be calculated. D

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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Omega Transportation Inc., headquartered in Atlanta, Georgia, uses accrual-basis accounting and engaged in the following transactions: • billed customers $2,413,650 for transportation services collected cash from customers in the amount of $1,381,975 • purchased fuel supplies for $1,333,800 cash • used fuel supplies that cost $1,304,750 . • employees earned salaries of $297,100 • paid employees $280,300 cash for salaries Required: Determine the amount of sales revenue and total expenses for Omega's income statement. Sales Revenue Total Expenses $
1. Blondo Wholesale began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $40,000 2) borrowed $25,000 from its bank 3) sold merchandise for $65,000. Cost of merchandise sold was $26,000 4) paid back $15,000 of the bank loan 5) paid rent expense for $9,000 6) purchased equipment for $12,000 cash 7) paid $3,000 dividends to stockholders 8) paid employees' salaries of $21,000 What is Blondo's net income for Year 1? 2. As of December 31, Year 1, Massy Company had $200 cash. During Year 2, Massy earned $1,300 of cash revenue and $800 in revenue on account. They also paid $ 1,600 of cash expenses. The amount of cash shown on the balance sheet at the end of Year 2 would be: 3. Suppose $3000 in inventory is purchased on account under terms 2/10, n/30. $500 is returned because it was damaged during transport and the entire remaining ordered is paid for in cash within 10 days. How much is discounted from the order
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. Kacy Spade, owner, Invested $16,000 cash in the company in exchange for common stock b. The company purchased supplies for $464 cash, c. The company purchased $8,848 of equipment on credit d. The company received $1,888 cash for services provided to a customer. e. The company paid $8.848 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,392 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,425 cash as partial payment for the account receivable created in transaction f L. The compony paid a $1,200 cashydividend to the owner (sole shareholder). Exercise 2-13 (Algo) Recording effects of transactions in T-accounts LO A1 Required: 1. Prepare general journal entries to record the…
[The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,250 cash in the company. b. The company purchased supplies for $558 cash. c. The company purchased $10,645 of equipment on credit. d. The company received $2,272 cash for services provided to a customer. e. The company paid $10,645 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,081 for services provided. g. The company paid $535 cash for the monthly rent. h. The company collected $1,714 cash as partial payment for the account receivable created in transaction f. 1. K. Spade withdrew $1,100 cash from the company for personal use. equired: 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…