Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $13,500 cash in the company. b. The company purchased office supplies for $392
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $13,500 cash in the company. b. The company purchased office supplies for $392 cash. c. The company purchased $7,466 of office equipment on credit. d. The company received $1,593 cash as fees for services provided to a customer. e. The company paid $7,466 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,862 as fees for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,202 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 Earned: 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. a. d. Post the above journal entries to T-accounts, which serves as the general ledger for this assignment. Cash 13,500 g. 1,593 Balance 14,583 Office Supplies 392 Balance 392 Balance Ralance. Accounts Payable 7,466 7,466 K. Spade, Withdrawals 1,200 1 200 510 f. Accounts Receivable 2,862 Balance 2,862 Balance Balance Office Equipment 7,466 7,466 K. Spade, Capital 0 Fees Earned 1,593 Ralance 1593 g Balance e. Balance 392 392 Accounts Payable 7,466 7,466 K. Spade, Withdrawals 1,200 Balance 1,200 Rent Expense 510 Balance 510 Balance Balance 7,466 7,466 K. Spade, Capital 0 Fees Earned 1,593 Balance 1,593
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started