Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Kacy Spade, owner, invested $19,250 cash in the company. b. The company purchased office supplies for $558 cash. C. The company purchased $10,645 of

image text in transcribed
a. Kacy Spade, owner, invested $19,250 cash in the company. b. The company purchased office supplies for $558 cash. C. The company purchased $10,645 of office equipment on credit. d. The company received $2,271 cash as fees for services provided to a customer. e. The company paid $10,645 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $4,081 as fees for services provided. g. The company paid $535 cash for the monthly rent. h. The company collected $1,714 cash as partial payment for the account receivable created in transaction f. I. Kacy Spade withdrew $1,200 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 Earne and Rent Expense. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serves as the general ledger for this assignment. Complete this question by entering your answers in the tabs below. Required 1 Required 2 post the above journal entries to T-accounts, which serves as the general ledger for this assignment. Cash Accounts Receivable Orice Supplies Office Equipment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

5. Make suggestions for use at home.

Answered: 1 week ago