ts For the following transactions of Spade Company, (1) prepare general journal entries and to T-accounts and calculate the ending balance of each T-account. Use the following accounts: Cash; Ac- counts Receivable; Supplies; Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Services Revenue; and Rent Expense. a. K. Spade, owner, invested $100,750 cash in the company. b. The company purchased supplies for $1.250 cash. c. The company purchased $10,050 of equipment on credit. d. The company received $15,500 cash for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,700 for services provided. g. The company paid $1,225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $10,000 cash from the company for personal use.

ts For the following transactions of Spade Company, (1) prepare general journal entries and to T-accounts and calculate the ending balance of each T-account. Use the following accounts: Cash; Ac- counts Receivable; Supplies; Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Services Revenue; and Rent Expense. a. K. Spade, owner, invested $100,750 cash in the company. b. The company purchased supplies for $1.250 cash. c. The company purchased $10,050 of equipment on credit. d. The company received $15,500 cash for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,700 for services provided. g. The company paid $1,225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $10,000 cash from the company for personal use.

Name: unts*For the following transactions of Spade Company, (1) prepare gen
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Description: unts*For the following transactions of Spade Company, (1) prepare general journal entries and (2) post entriesto T-accounts and calculate the ending balance of each T-account. Use the following accounts: Cash; Ac-counts Receivable; Supplies; Equipme

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

unts
*
For the following transactions of Spade Company, (1) prepare general journal entries and (2) post entries
to T-accounts and calculate the ending balance of each T-account. Use the following accounts: Cash; Ac-
counts Receivable; Supplies; Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals;
Services Revenue; and Rent Expense.
a. K. Spade, owner, invested $100,750 cash in the company.
b. The company purchased supplies for $1,250 cash.
c. The company purchased $10,050 of equipment on credit.
d. The company received $15,500 cash for services provided to a customer.
e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c.
f. The company billed a customer $2,700 for services provided.
g. The company paid $1,225 cash for the monthly rent.
h. The company collected $1,125 cash as partial payment for the account receivable created in
transaction f.
i. K. Spade withdrew $10,000 cash from the company for personal use.

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