Required information[The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock.b. The company purchased supplies for $573 cash.c. The company purchased $10,922 of equipment on credit.d. The company received $2,331 cash for services provided to a customer.e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c.f. The company billed a customer $4,187 for services provided.g. The company paid $510 cash for the monthly rent.h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f.i. The company paid a $1,100 cash dividend to the owner (sole shareholder).Required:1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; AccountsReceivable; 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.Required 1Required 2Post entries to T-accounts and the ending balances will be calculated.CashBalanceAccounts Receivable0 Required information[The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock.b. The company purchased supplies for $573 cash.c. The company purchased $10,922 of equipment on credit.d. The company received $2,331 cash for services provided to a customer.e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c.f. The company billed a customer $4,187 for services provided.g. The company paid $510 cash for the monthly rent.h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f.i. The company paid a $1,100 cash dividend to the owner (sole shareholder).Required:1. Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; AccountsReceivable; 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.Required 1Required 2Post entries to T-accounts and the ending balances will be calculated.CashBalanceAccounts Receivable0

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Required information[The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock.b. The company purchased su

Journal entries are those which are reported in the books of accounts for the preparation of…

Business

Accounting

The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock. b. The company purchased supplies for $573 cash. c. The company purchased $10,922 of equipment on credit. d. The company received $2,331 cash for services provided to a customer. e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,187 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). 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. D

The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,750 cash in the company in exchange for common stock. b. The company purchased supplies for $573 cash. c. The company purchased $10,922 of equipment on credit. d. The company received $2,331 cash for services provided to a customer. e. The company paid $10,922 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,187 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,759 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). 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. D

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

See similar textbooks

Similar questions

The following transactions occurred in Nanon Company: a. Nanon, the owner, invested P50,000,000 and obtained P100,000,000 loan from a bank. b. The company purchased a manufacturing plant for business amounting to P125,000,000 for cash. c. It also purchased goods for sale on cash amounting to P250,000. d. There were sales of finished goods on credit amounting to P500,000. e. The company purchased goods for sale on credit amounting to P250,000. f. The company returned goods to the supplier amounting to P50,000 which was evidence by a credit memo from the supplier. g. Various accruals were recorded at the end of the period amounting to P30,000. From the above transactions, what is the total amount to be recorded in the Purchases Journal? P250,000 P450,000 P500,000 P125,500,000 From the above transactions, what is the total amount to be recorded in the Cash Disbursements Journal? P125,250,000 P125,500,000 P50,250,000 P50,500,000 From the above transactions, what is the total amount to be…
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $45,200 of common stock for cash. 2) The company paid cash to purchase $28,000 of Inventory. 3) The company sold inventory that cost $17,600 for $34,600 cash. 4) Operating expenses incurred and paid during the year, $15,600. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $38,400 of inventory. 2) The company sold inventory that cost $34,400 for $61,000 cash. 3) Operating expenses incurred and paid during the year, $19,600. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice $7,000
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $34,944 Accounts receivable 69,094 Accrued liabilities 6,969 Cash 17,451 Intangible assets 38,664 Inventory 76,507 Long-term investments 106,760 Long-term liabilities 76,378 Marketable securities 37,920 Notes payable (short-term) 20,617 Property, plant, and equipment 699,093 Prepaid expenses 2,696 Based on the data for Harding Company, what is the amount of working capital? a.$1,048,185 b.$203,668 c.$141,138 d.$696,397
Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,100 of common stock for cash. 2) The company paid cash to purchase $7,900 of inventory. 3) The company sold inventory that cost $5,300 for $10,900 cash. 4) Operating expenses incurred and paid during the year, $4,800. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $11,400 of inventory. 2) The company sold inventory that cost $9,500 for $17,500 cash. 3) Operating expenses incurred and paid during the year, $5,800. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2? Multiple Choice $9,500 $2,200 $6,100 $8,000
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $37,895 Accounts receivable 69,212 Accrued liabilities 6,543 Cash 17,127 Intangible assets 36,451 Inventory 78,770 Long-term investments 99,442 Long-term liabilities 72,027 Marketable securities 39,229 Notes payable (short-term) 24,334 Property, plant, and equipment 693,814 Prepaid expenses 1,182 Based on the data for Harding Company, what is the quick ratio, rounded to one decimal point? a.3 b.15.1 c.0.8 d.1.8
Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $38,916 Accounts receivable 74,415 Accrued liabilities 6,825 Cash 21,504 Intangible assets 44,690 Inventory 86,306 Long-term investments 96,392 Long-term liabilities 73,076 Notes payable (short-term) 27,058 Property, plant, and equipment 640,527 Prepaid expenses 1,874 Temporary investments 39,418 Based on the data for Harding Company, what is the amount of working capital? Oa. $1,005,126 Ob. $638,653 c. $150,718 Od. $223,517
Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $34,251 Accounts receivable 69,478 Accrued liabilities 6,529 Cash 23,300 Intangible assets 36,101 Inventory 89,377 Long-term investments 104,908 Long-term liabilities 70,482 Notes payable (short-term) 21,433 Property, plant, and equipment 695,698 Prepaid expenses 1,772 Temporary investments 39,777 Based on the data for Harding Company, what is the amount of working capital? a. $223,704 b. $1,060,411 c. $693,926 d. $161,491
Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,136 Accounts receivable 71,999 Accrued liabilities 6,575 Cash 16,008 Intangible assets 40,514 Inventory 77,552 Long-term investments 102,623 Long-term liabilities 70,943 Notes payable (short-term) 25,456 Property, plant, and equipment 674,580 Prepaid expenses 2,265 Temporary investments 32,175 Based on the data for Harding Company, what is the amount of quick assets? a.$120,182 b.$48,183 c.$800,315 d.$1,618,032
Use the information below for Harding Company to answer the questions that follow. Harding Company Accounts payable $ 40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 30,000 Property, plant, and equipment 625,000 5. Based on the data for Harding Company, what is the amount of quick assets? a. $205,000 b. $203,000 c. $131,000 d. $66,000 ANSWER: 6. Based on the data for Harding Company, what is the amount of working capital?…
The following information pertains to an entity’s cash account: Cash balance, beginning 880,000 Cash receipts from the sale of goods 8,000,000 Cash receipts from dividends and interest 80,000 Cash payments for interest 250,000 Cash payments to suppliers of goods 6,000,000 Cash payments to employees 800,000 Cash payments to acquire property, plant and equipment 1,200,000 Cash receipts from sales of property, plant and equipment 280,000 Cash payments to acquire equity or debt instruments of other entities 520,000 Cash receipts from sales equity or debt instruments of other entities 430,000 Cash proceeds from issuing shares 1,600,000 Cash payments to owners to redeem the entity’s shares 340,000 Cash proceeds from borrowings 2,100,000 Cash repayments of amounts borrowed 1,700,000 The entity’s cash balance at the end of the period is a. 2,560,000 b. 2,650,000 c. 2,480,000 d. 2,840,000
Suppose your company sells goods for $300, of which $200 is received in cash and $100 is onaccount. The goods cost your company $125 and were paid for in a previous period. Your companyalso recorded salaries and wages of $70, of which only $30 has been paid in cash.Required:1. Show the journal entries to record these transactions.2. Calculate the amount that should be reported as net cash flow from operating activities.3. Calculate the amount that should be reported as net income.4. Show how the indirect method would convert net income (requirement 3) to net cash flowfrom operating activities (requirement 2).5. What general rule about converting net income to operating cash flows is revealed by youranswer to requirement 4?
Required information [The following information applies to the questions displayed below.] Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $235,000 of merchandise on account. Sold merchandise that cost $164,000 for $326,000 on account. Collected $274,000 cash from accounts receivable. Paid $220,000 on accounts payable. Paid $46,000 of salaries expense for the year. Paid other operating expenses of $35,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $31,200 0.01 0 to 30 13,000 0.05 31 to 60 2,600 0.10 61 to 90 2,600 0.20 Over 90 days 2,600 0.50 Required a. Record the given transactions in general journal form and post to T-accounts. Record the given transactions in general journal form. Record entry…