Question
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,500 cash in the company. b. The company purchased office supplies for $305
The transactions of Spade Company appear below.
a.Kacy Spade, owner, invested $10,500 cash in the company.
b.The company purchased office supplies for $305 cash.
c.The company purchased $5,807 of office equipment on credit.
d.The company received $1,239 cash as fees for services provided to a customer.
e.The company paid $5,807 cash to settle the payable for the office equipment purchased in transactionc.
f.The company billed a customer $2,226 as fees for services provided.
g.The company paid $510 cash for the monthly rent.
h.The company collected $935 cash as partial payment for the account receivable created in transactionf.
i.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 abovejournal entries to T-accounts, which serve as the general ledger for this assignment.
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