Solution-Prepare the journal entry for each transaction

Prepare the journal entry for each transaction

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Reference no: EM133123106

Question - The January transactions for Spade Limited are presented below:

Jan 3. Cash of $100,000 was invested in Spade Limited in exchange for 20,000 common shares.

Jan 5. Purchased equipment costing $25,000 in exchange for a $15,000 bank loan and paid $10,000 cash for the remainder.

Jan 6. Paid $2,400 cash for a one-year insurance policy.

Jan 22. Received $3,500 cash for services to be performed in February.

Jan 23. Received $5,000 for services previously performed on account.

Jan 31. Paid employee salaries for a total of $13,500.

Required - Prepare the journal entry for each transaction.

Reference no: EM133123106

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Prepare the journal entry for each transaction

Reference no: EM133123106

Reference no: EM133123106

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