All categories

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

You might be interested in

A very safe stock investment that generally attracts conservative investors is called a ________ stock. the dow 30 is made up of

Vladimir [108]

A very safe stock investment that generally attracts conservative investors is called a <u>blue chip</u> stock. the dow 30 is made up of such stocks.

The Dow Jones Industrial Average measures the average cost of 30 selected industrial stocks. This is important because the financial industry uses it to show the direction of the stock market over time.

The Dow Jones Industrial Average includes prices for only 30 companies and is a simple average. - The S&P 500 Stock Index is broader (500 shares) and represents a value-weighted average that gives more weight to the stocks with the largest market capitalization.

The Dow Jones Industrial Average is an index of 30 "blue chip" US industrial companies. The index includes a wide range of companies, from financial services companies to computer companies to retailers, but excludes transportation and utility companies included in another index.

Learn more about stock here brainly.com/question/25818989

#SPJ4

3 0

11 months ago

Interest inventory that classifies people according to 6 different types

harkovskaia [24]

What is the question asking !?

6 0

3 years ago

Dextra Computing sells merchandise for $15,000 cash on September 30 (cost of merchandise is $12,000). The sales tax law requires

Nitella [24]

Answer and Explanation:

The journal entries are shown below:

1. On Sep 30

Cash $15750

To Sales $15,000

To Sales taxes payable ($15000 ×5%) $750

(Being the cash receipts is recorded)

For recording this we debited the cash as it increased the assets and credited the sales and sales tax payable as it increased the revenue and liabilities

2 On Sep 30

Cost of goods sold $12,000

To Merchandise inventory $12,000

(Being the cost of goods sold is recorded)

For recording this we debited the cost of goods sold as it increased the expenses and credited the merchandise inventory as it reduced the assets

3 On Oct 15

Sales taxes payable $750

To Cash $750

(Being cash paid is recorded)

For recording this we debited the sales tax payable as it reduced the liabilities and credited the cash as it decreased the assets

5 0

3 years ago

Neon Electronics Inc. sourced touch screens required for its tablet computers, cell phones, and televisions from a manufacturer

tamaranim1 [39]

This scenario best illustrate Backward vertical integration

Explanation:

Backward integration is a vertical integration that extends the role of a organization to perform roles traditionally performed by firms in the supply chain.

In other terms, backward integration is where an enterprise imports another company providing the necessary goods or services for production.

For examples, an company might purchase the product or raw materials manufacturer. Businesses often complete retrograde incorporation of these other businesses or combine of them. However, they may set up their own divisions to perform this mission.

7 0

3 years ago

A review of Munchen Corporation's financial statements reveals the following information: cost of goods sold: $100,000; decrease

drek231 [11]

Answer:

The Cash paid to suppliers was $85,000

Explanation:

Data provided in the question:

Cost of goods sold = $100,000

Decrease in inventory = $5,000

Increase in accounts payable = $10,000

Now,

Cash paid to suppliers will be

= Cost of goods sold - Decrease in inventory - Increase in accounts payable

= $100,000 - $5,000 - $10,000

= $85,000

Hence,

The Cash paid to suppliers was $85,000

8 0

3 years ago