Please don't give image format Required information[The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. Kacy Spade, owner, invested $14,500 cash in the company in exchange for common stock.b. The company purchased supplies for $421 cash.c. The company purchased $8,019 of equipment on credit.d. The company received $1,711 cash for services provided to a customer.e. The company paid $8,019 cash to settle the payable for the equipment purchased in transaction c.f. The company billed a customer $3,074 for services provided.g. The company paid $525 cash for the monthly rent.h. The company collected $1,291 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. 1Kacy Spade, owner, invested $14,500 cash in the company in exchange forcommon stock.Note: Enter debits before credits.Transactiona.Balance2 33BalanceBalanceRecord entry44 5 6 7 8 9Post entries to T-accounts and the ending balances will be calculated.CashGeneral JournalSuppliesClear entryAccounts PayableShow Transcribed TextGBalanceBalanceDebitBalanceCreditView general JournalAccounts ReceivableEquipmentCommon Stock>

The process of recording business transactions in the books of accounts for the first time is…

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.

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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

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