Prepare general journal entries to record the transactions below 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 eachtransaction to identify entries. After recording the transactions, post them to T-accounts, which serve as the general ledger for this assignment. Determine the ending balance of each T-account. 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 intransaction c.f. The company billed a customer $2,700 as fees for services provided.g. 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 intransaction f.1. Kacy Spade withdrew $10,000 cash from the company for personal use.

Answered: a. Kacy Spade, owner, invested $100,750…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare general journal entries to record the transactions below 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. After recording the transactions, post them to T-accounts, which serve as the general ledger for this assignment. Determine the ending balance of each T-account.

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.
g. 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.

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