COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
16th Edition
ISBN: 9781264624256
Author: Haddock
Publisher: MCG
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Chapter 3, Problem 2PB
To determine
Identify the transactions affecting the cash account.
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The following information is available
about the company. Provide a five-step
way to record this information so that it
can be used by managers:
1. Investment of the company's
shareholders in the amount of 1000
monetary units to establish a company
and deposit this amount in a current
account in a bank.
2. Purchase of land for 1,500 currency
units, half of which will be paid in cash and
the rest next year.
3- Purchasing equipment in the amount
of 140 monetary units in cash.
4. Buy 500 currency units (60% cash
and 40% credit).
5. Receive a loan in the amount of 90
monetary units from the bank and deposit
it in the current account.
Consider the following transactions for Julianne Corporation:
a. Issue common stock for $15,000.
b. Purchase equipment for $11,400 cash.
c. Pay employees' salaries of $3,800.
d. Provide services to customers for $6,800 cash.
1. Post the beginning Cash balance of $4,000 and then post the above transactions.
2. Calculate the ending balance of the Cash account.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post these transactions to the Cash T-account. Assume the balance of Cash before these transac
Beginning Balance
Debit
Cash
Credit
The transactions of Spade Company appear below.
a. K. Spade, owner, invested $17,500 cash in the company."
b. The company purchased supplies for $508 cash.
c. The company purchased $9,678 of equipment on credit.
d. The company received $2,065 cash for services provided to a customer.
e. The company paid $9,678 cash to settle the payable for the equipment purchased in transaction c.
f. The company billed a customer $3,710 for services provided.
9. The company paid $530 cash for the monthly rent.
h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f
i. K. Spade withdrew $1,000 cash from the company for personal use.
Exercise 2-14 (Algo) Preparing a trial balance LO P1
Prepare the Trial Balance. Use May 31 as its report date.
Cash
K. Spade, Capital
Supplies
K. Spade, Withdrawals
Equipment
Rent expense
Services revenue
Accounts receivable
Totals
Answer is not complete.
SPADE COMPANY
Trial Balance
May 31
Debit
IS 9,407
508
1,000
9,678…
Chapter 3 Solutions
COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
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- a. K. Spade, owner, invested $100,750 cash in the company. b. The company purchased supplies for $1,250 cash. c. The company purchased $10,050 of equipment on credit. d. The company received $15,500 cash for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,700 for services provided. g. The company paid $1,225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $10,000 cash from the company for personal use. 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; K. Spade, Capital; K. Spade, Withdrawals; Services Revenue; and Rent Expense. 2. Post entries to T-accounts and the ending balances will be calculated. Complete this question…arrow_forwardThe transactions of Spade Company appear below. K. Spade, owner, invested $10,250 cash in the company. The company purchased supplies for $297 cash. The company purchased $5,668 of equipment on credit. The company received $1,210 cash for services provided to a customer. The company paid $5,668 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,173 for services provided. The company paid $530 cash for the monthly rent. The company collected $913 cash as partial payment for the account receivable created in transaction f. K. Spade withdrew $800 cash from the company for personal use. prepare the trial balancearrow_forwardRecord each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable: 1st Sunny Barcelona started the business by depositing $50,000 received from the sale of capital stock in the company bank account. 22nd Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000. 25th Purchased tools and equipment on account, $13,800. 27th Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days. 2nd Received $600 in partial collection of the account receivable from the sale of tools. 7th Paid $6,800 in partial payment of an account payable. 11th Received $2,200 of sales revenue in cash. 2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days. 22nd Purchased office equipment for $15,000 cash. 26th Performed repair services and billed clients $2,000. The entire amount will…arrow_forward
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