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2 years ago

The transactions of Spade Company appear below.

Business

1 answer:

s2008m [1.1K]2 years ago

5 0

Answer:

Entries are given

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

DEBIT CREDIT

A. Kacy Spade, owner, invested cash in the company

Common stock 14250

Cash 14250

B. The company purchased office supplies

Office supplies 413

Cash 413

C.The company purchased office equipment on credit

Office equipment 7880

Payables 7880

D.The company received $1,681 in cash

Cash 1681

Fees earned 1681

E. The company paid $7,880 cash to settle the payable

Payables 7880

Cash 7880

F. The company billed a customer $3,021 as fees

Receivable 3021

fees earned 3021

G. The company paid $520 cash for the monthly rent.

Rental expense 520

Cash 520

H. The company collected $1,269 cash as partial payment

Cash 1269

Receivables 1269

I. The company paid a $1,000 cash dividend to the owner

Retained earnings 1000

Cash 1000

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