The transactions of Spade Company appear below.a. Kacy Spade, owner, invested $17,500 cash in the company.b. The company purchased office supplies for $508 cash.c. The company purchased $9,678 of office equipment on credit.d. The company received $2,065 cash as fees for services provided to a customer.e. The company paid $9,678 cash to settle the payable for the office equipment purchased in transaction c.f. The company billed a customer $3,710 as fees for services provided.g. The company paid $525 cash for the monthly rent.h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f.i. Kacy Spade withdrew $1,100 cash from the company for personal use.Required:1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash;Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned;and Rent Expense. Use the letters beside each transaction to identify entries.2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. View transaction listJournal entry worksheet12345 68 9>Kacy Spade, owner, invested $17,500 cash in the company.Note: Enter debits before credits.TransactionGeneral JournalDebitCredita.Record entryClear entryView general journal

Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.

Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 13SPA: NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: REQUIRED Record...

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NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: REQUIRED Record the transactions in a general journal.
Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of financial position shows current assets of $3,140,500 and current liabilities of $1,064,100. Lincraft has accounts receivable of $1,299,300. The company transfers $1,002,000 of these accounts receivable to a financial institution. There are $35,200 of bad debts associated with these accounts receivable, an amount that is already in the allowance for doubtful accounts. Proceeds of $898,250 are received from the transfer. The transfer is on a non-notification basis, which means that the customers pay Lincraft and Lincraft then remit the cash to the financial institution. The customers pay $946,000 to Lincraft on schedule, $35,200 is written off to the allowance at the appropriate time, and the cash remittance is forwarded to the financial institution. Required: 1. Record all journal entries for the sequence of events assuming: a. The transfer is recorded as a sale/derecognition. (If no…
Le Univ of Mass * Cengage D: A QuickLaunch K myCourses Da: x In Federa x UMassD Logor x ucation.com Saved ework View transaction list Journal entry worksheet 10 earch 近
Li Corp. purchased a container load of antiques for resale at an invoice cost of $1,400,000. The goods were paid for when they were shipped in early June. The container arrived in Canada at the end of August, and then at Li's location, by rail, at the end of September. The goods were then available for sale. Freight costs of $147,000 were paid in October. Li has recorded $124,800 of total interest expense from $2,600,000 of general borrowing over the year. Required: Prepare the adjusting journal entry to capitalize borrowing costs on inventory at year-end December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
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cation.com Saved ework View transaction list Journal entry worksheet 4 5 7 8 9 10 Borrowed $89 from a bank, signing a short-term note. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal earch 行

E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $66,000 cash and a building valued at $260,000 from the five investors who organized Jameson Corporation. Each investor received 103 shares of $10 par value common stock. b. Ordered store fixtures costing $12,000. c. Borrowed $13,000 cash and signed a note due in two years. d. Purchased $20,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,100 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 3 Note: Enter debits before credits Transaction 4 5 Record the receipt of the $13,000 cash borrowed on a…
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During the current year, Brewer Company acquired all of the outstanding common stock of Miller Inc. paying $11,000,000 cash The book values and fair values of Miller's assets and liabilities acquired are listed below: Fair Value $ 1,125,000 3, 000, 000 10,625, 000 2, 000, 000 3, 125, 000 Book Value Accounts receivable Inventories Property, plant, and equipment Accounts payable Bonds payable $1, 300, 000 1, 700, 000 8,000, 000 2, 000, 000 3,500, 000 Required: Prepare the journal entry to record the acquisition by Brewer Company. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the acquisition by Brewer Company.