Use the following information for Exercises 13-14 below. (Algo)Skip to question [The following information applies to the questions displayed below.]The transactions of Spade Company appear below.K. Spade, owner, invested $11,250 cash in the company in exchange for common stock.The company purchased supplies for $326 cash.The company purchased $6,221 of equipment on credit.The company received $1,328 cash for services provided to a customer.The company paid $6,221 cash to settle the payable for the equipment purchased in transaction c.The company billed a customer $2,385 for services provided.The company paid $530 cash for the monthly rent.The company collected $1,002 cash as partial payment for the account receivable created in transaction f.The company paid a $1,000 cash dividend to the owner (sole shareholder). Exercise 2-13 (Algo) Recording effects of transactions in T-accounts LO A1Required: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.

Name: Use the following information for Exercises 13-14 below. (Algo)Skip to
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Description: Use the following information for Exercises 13-14 below. (Algo)Skip to question [The following information applies to the questions displayed below.]The transactions of Spade Company appear below.K. Spade, owner, invested $11,250 cash in the company

The process of recording business transactions in the books of accounts for the first time is…

Answered: The transactions of Spade Company…

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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Use the following information for Exercises 13-14 below. (Algo)

Skip to question

[The following information applies to the questions displayed below.]

The transactions of Spade Company appear below.

K. Spade, owner, invested $11,250 cash in the company in exchange for common stock.
The company purchased supplies for $326 cash.
The company purchased $6,221 of equipment on credit.
The company received $1,328 cash for services provided to a customer.
The company paid $6,221 cash to settle the payable for the equipment purchased in transaction c.
The company billed a customer $2,385 for services provided.
The company paid $530 cash for the monthly rent.
The company collected $1,002 cash as partial payment for the account receivable created in transaction f.
The company paid a $1,000 cash dividend 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 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.

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