Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Syed Help Save & Exit Submit The transactions of Spade Company appear below. Check my work a. Kacy Spade, owner, invested $100,750 cash in the

image text in transcribed
Syed Help Save & Exit Submit The transactions of Spade Company appear below. Check my work 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. 9. 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 f. 1. Kacy Spade withdrew $10,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.

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

Gleim CIA Review Part 3 Internal Audit Knowledge Elements

Authors: Irvin N. Gleim

2018 Edition

1618541153, 978-1618541154

More Books

Students also viewed these Accounting questions

Question

4-10. What are two major ethical concerns involving AI?

Answered: 1 week ago