Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $14,000 cash in the company. b. The company purchased office supplies for $406
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $14,000 cash in the company. b. The company purchased office supplies for $406 cash. c. The company purchased $7,742 of office equipment on credit. d. The company received $1,652 cash as fees for services provided to a customer e. The company paid $7,742 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,968 as fees for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,247 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. Post the above journal entries to T-accounts, which serves as the general ledger for this assignment. Cash Accounts Receivable Balance Balance Office Supplies Office Equipment Balance Balance Accounts Payable K. Spade, Capital Balance Balance Accounts Payable K. Spade, Capital Balance Balance K. Spade, Withdrawals Fees Earned Balance Balance 0 Rent Expense Balance
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