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he transactions of Spade Company appear below. Kacy Spade, owner, invested $20,000 cash in the company. The company purchased office supplies for $580 cash. The
he transactions of Spade Company appear below.
- Kacy Spade, owner, invested $20,000 cash in the company.
- The company purchased office supplies for $580 cash.
- The company purchased $11,060 of office equipment on credit.
- The company received $2,360 cash as fees for services provided to a customer.
- The company paid $11,060 cash to settle the payable for the office equipment purchased in transaction c.
- The company billed a customer $4,240 as fees for services provided.
- The company paid $530 cash for the monthly rent.
- The company collected $1,781 cash as partial payment for the account receivable created in transaction f.
- 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.
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