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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text: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.

Transcribed Image Text:View transaction list
Journal entry worksheet
1
2
3
4
5 6
8 9
>
Kacy Spade, owner, invested $17,500 cash in the company.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a.
Record entry
Clear entry
View general journal
Expert Solution

Step 1
A journal entry is the act of making records of any transactions, and posting thereof in ledger called as general ledger.
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