The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,250 cash in the company. b. The company purchased office supplies for $297 cash. c. The company purchased $5,668 of office equipment on credit. d. The company received $1,210 cash as fees for services provided to a customer. e. The company paid $5,668 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $2,173 as fees for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $913 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $900 cash from the company for personal use. Prepare the Trial Balance. Use May 31 as its report date. SPADE COMPANY Trial Balance May 31 Debit Credit

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,250 cash in the company. b. The company purchased office supplies for $297 cash. c. The company purchased $5,668 of office equipment on credit. d. The company received $1,210 cash as fees for services provided to a customer. e. The company paid $5,668 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $2,173 as fees for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $913 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $900 cash from the company for personal use. Prepare the Trial Balance. Use May 31 as its report date. SPADE COMPANY Trial Balance May 31 Debit Credit

Name: The transactions of Spade Company appear below.a. Kacy Spade, owner,
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Description: The transactions of Spade Company appear below.a. Kacy Spade, owner, invested $10,250 cash in the company.b. The company purchased office supplies for $297 cash.c. The company purchased $5,668 of office equipment on credit.d. The company received $1

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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3. Record journal entries for each of the following transactions for MM Corporation: a. MM Corp. provided services to customers on account for $50,000 b. MM received $42,000 in cash from customers who had previously purchased goods on account c. MM paid $5,000 in cash for their utilities in the current month d. MM purchased $2,000 of inventory on account e. MM provided consulting services for $17,000 in cash f. MM paid $2,000 for business insurance that will cover the next two years g. MM bought a new delivery truck for $500 h. MM paid a cash dividend of $1,000 i. MM paid $4,000 in salary to its employees j. MM issued common stock in exchange for $1,000 k. MM repaid $3,000 worth of loans 1. MM pays $4,000 to its supplier for inventory previously purchased m. MM's employees earned $5,000 this week. MM paid them $2,000 in cash and promised to past the remainder at the end of the month.
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7. Purchased more office supplies from General Office Company for $1,500 on account. Identify the two parties to this transaction. Describe the activity of each party Which party is being accounted for Describe the impact on company value Maquoketa Services adds a liability (Accounts Payable) for $1,500 pertaining to office supplies. Describe the portions of the transaction occurring currently and describe portions of transaction that is being deferred (postponed) Was cash exchanged in the transaction?
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; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common…
Krespy Corp. has a cash balance of $7,500 before the following transactions occur:- received customer payments of $965 supplies purchased on account $435 services worth $850 performed, 25% is paid in cash the rest will be billed corporation pays $275 for an ad in the newspaper bill is received for electricity used $235. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
The following transactions were completed by the company: a. The owner invested $17,600 cash in the company. b. The company purchased supplies for $1,150 cash. c. The owner invested $11,300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 0 + 0 + + + + + + 0 + + Assets Supplies 0 0 + Equipment + 0 + + + 0 + + + + + + 0 0 + 0 + + + + 0 + + + Land 0 0 = II 0 11 11 11 0 = 11 || 11 || Liabilities + Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 I - - 1 I 1 Equity Dividends 0 + 0 + + + + 0 + + + + 0 + Revenue 0 0 0 0 - T - I I F Expenses 0 0 0 0
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Sheffield Company purchases equipment for $2710 and supplies for $430 from Pharoah Co. for $3140 cash. The entry for this transaction will include a A) credit to Accounts Payable for Sheffield. B) debit to Equipment $2710 and a debit to Supplies $430 for Sheffield. C) credit to Cash for Pharoah. D) debit to Equipment $2710 and a debit to Supplies Expense $430 for Pharoah.
Husky Company has provided the following information for its most recent year of operation: Cash collected from customers totaled $90,000. Cash borrowed from banks totaled $33,100. Cash paid to employees for salaries totaled $32,800. Cash received from selling Husky common stock to stockholders totaled $48,000. Cash payments to banks for repayment of money borrowed totaled $8,200. Cash paid to suppliers totaled $8,600. Land costing $26,000 was sold for $26,000 cash. Cash paid for dividends to stockholders totaled $4,000. How much was Husky's cash flow from operating activities?
1. Brain Company provided the following: cash account beginning balance is P162,552.50. Below is a list of summarized transactions of Brain Company: Cash received from customers 725,175.00 Payments to suppliers Payments for operating expenses Salaries paid Purchase equipment Sale of delivery equipment (motorcycle) Proceeds from sale of computer equipment 300,547.50 58,850.00 19,992.50 253,000.00 6,875.00 42,762.50 Withdrawals of owners 229,350.00 Proceeds from bank loan 82,500.00 Contributions of owners 137,500.00 Interest paid 8,085.00 Required: a. Compute for the net cash flow from operating activities. b. Compute for the net cash flow from investing activities. c. Compute for the net cash flow from financing activities. d. How much is the net cash flow for the period? c. How much is the cash balance at the end of the period?
Rhyolite Corporation incurred $20,000 in utility expense, of which $15,000 was paid in cash and the rest owed on account. What is the correct journal entry? Utility Expense 20,000 Cash Cash 15,000 Notes Payable 5,000 Utlity Expense 20,000 Cash Accounts Payable 5,000 15,000 Accounts Payable 5,000 15,000 Utility Expense 20,000 Utility Expense 15,000 Deferred Expense 5,000 Utility Expense 20,000