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

70.2K

Verified Solution

Question

Accounting

image
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 c. The company paid $8,848 cash to settle the payable for the equipment purchased in transaction f. The company biled a customer $3,392 for services provided 9. The company pald $525 cash for the monthly rent h. The company collected $1.425 cash as partial payment for the account receivable created in transaction 1. The company paid a $1,200 castydividend 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 Complete this question by entering your answers in the tabs below

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students