Question
'The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $18,000 cash in the company. b. The company purchased office supplies for $522
'The transactions of Spade Company appear below. |
a. | Kacy Spade, owner, invested $18,000 cash in the company. |
b. | The company purchased office supplies for $522 cash. |
c. | The company purchased $9,954 of office equipment on credit. |
d. | The company received $2,124 cash as fees for services provided to a customer. |
e. | The company paid $9,954 cash to settle the payable for the office equipment purchased in transactionc. |
f. | The company billed a customer $3,816 as fees for services provided. |
g. | The company paid $510 cash for the monthly rent. |
h. | The company collected $1,603 cash as partial payment for the account receivable created in transactionf. |
i. | Kacy Spade withdrew $800 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. |
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