The transactions of Spade Company appear below.a. Kacy Spade, owner, invested $17,500 cash in the company.b. The company purchased office supplies for $508 cash.c. The company purchased $9,678 of office equipment on credit.d. The company received $2,065 cash as fees for services provided to a customer.e. The company paid $9,678 cash to settle the payable for the office equipment purchased in transaction c.f. The company billed a customer $3,710 as fees for services provided.g. The company paid $525 cash for the monthly rent.h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f.i. Kacy Spade withdrew $1,100 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 serve as the general ledger for this assignment. View transaction listJournal entry worksheet12345 68 9>Kacy Spade, owner, invested $17,500 cash in the company.Note: Enter debits before credits.TransactionGeneral JournalDebitCredita.Record entryClear entryView general journal

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 serve as the general ledger for this assignment.

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 serve as the general ledger for this assignment.

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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