The transactions of Spade Company appear below. K. Spade, owner, invested $14,500 cash in the company. The company purchased supplies for $421 cash. The company purchased $8,019 of equipment on credit. The company received $1,711 cash for services provided to a customer. The company paid $8,019 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $3,074 for services provided. The company paid $530 cash for the monthly rent. The company collected $1,291 cash as partial payment for the account receivable created in transaction f. K. Spade withdrew $1,200 cash from the company for personal use Post entries to T-accounts and the ending balances will be calculated.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The transactions of Spade Company appear below.

  1. K. Spade, owner, invested $14,500 cash in the company.
  2. The company purchased supplies for $421 cash.
  3. The company purchased $8,019 of equipment on credit.
  4. The company received $1,711 cash for services provided to a customer.
  5. The company paid $8,019 cash to settle the payable for the equipment purchased in transaction c.
  6. The company billed a customer $3,074 for services provided.
  7. The company paid $530 cash for the monthly rent.
  8. The company collected $1,291 cash as partial payment for the account receivable created in transaction f.
  9. K. Spade withdrew $1,200 cash from the company for personal use
  1. Post entries to T-accounts and the ending balances will be calculated.

 

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