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Prepare general journal entries to record the transactions below for Spade Company by using the follow- ing accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment;
Prepare general journal entries to record the transactions below for Spade Company by using the follow- ing 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. After recording the transactions, post them to T-accounts, which serve as the general ledger for this assignment. Determine the ending balance of each T-account. a. Kacy Spade, owner, invested $100,750 cash in the company. b. The company purchased office supplies for $1,250 cash. c. The company purchased $10,050 of office equipment on credit d. The company received $15,500 cash as fees for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,700 as fees 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 i. Kacy Spade withdrew $10,000 cash from the company for personal use. Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. Use this information to prepare an August income statement for the business. Cash Accounts receivable.. Office supplies Land $25,360 Office equipment 22,360 Accounts payable.... 5,250 C. Camry, Withdrawals. 44,000 Consulting fees earned $20,000 Rent expense 10,500 Salaries expense 6,000 Telephone expense 27,000 Miscellaneous expenses.... $9,550 5,600 860 520
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