Reference no: EM132593748
Question - The transactions of Spade Company appear below.
a. Kacy Spade, owner, invested $10,500 cash in the company.
b. The company purchased office supplies for $305 cash.
c. The company purchased $5,807 of office equipment on credit.
d. The company received $1,239 cash as fees for services provided to a customer.
e. The company paid $5,807 cash to settle the payable for the office equipment purchased in transaction c.
f. The company billed a customer $2,226 as fees for services provided.
g. The company paid $510 cash for the monthly rent.
h. The company collected $935 cash as partial payment for the account receivable created in transaction f.
i. Kacy Spade withdrew $1,000 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.
Determine what is the degree of operating leverage
: Sales of 1,200 units at $50 per unit. Variable expenses are 30% of selling price. If total fixed expenses are $32,000, what is the degree of operating leverage
|
Features characters in families or personal relationship
: Describe a book, movie or tv show that you are familiar with which features characters in families or personal relationship, individuals.
|
Why is the production cost report important
: Question - Why is the production cost report important? Who uses this report and what can be determined based on the outcome of this report
|
What characteristics create successful marriages
: What characteristics create successful marriages? What role could faith/spiritualiy play in creating a successful marriage? Include a subheading per discussion.
|
Prepare general journal entries to record the transactions
: Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable
|
Identify the relevant population for the research foci
: Identify the relevant population for the above research foci, and suggest the appropriate sampling design to investigate the issues
|
IT Project Management-what are its main attributes
: What is a project, and what are its main attributes? How is a project different from what most people do in their day-to-day jobs?
|
Compute each project payback period
: Compute each project's payback period, indicating the most desirable project and the least desirable project using this method.
|
What is the value of Walton the stock
: The company's dividend is expected to grow at a rate of 0.25 this year, 0.14, next year, and 0.07 for every year after that. What is the value of Walton stock
|