Prepare general journal entries to record the transactions below for Spade Compa
ID: 2418952 • Letter: P
Question
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 serves as the general ledger for this assignment. Determine the ending balance of each T-account. Kacy Spade, owner, invested $100,750 cash in the company. The company purchased office supplies for $1,250 cash. The company purchased $10,050 of office equipment on credit. The company received $15,500 cash as fees for services provided to a customer. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $2,700 as fees for services provided. The company paid $1,225 cash for the monthly rent. The company collected $1,125 cash as partial payment for the account receivable created in transaction f Kacy Spade withdrew $10,(XX) cash from the company for personal use.Explanation / Answer
Journal Entries Cash A/C Dr 100750 To Capital 100750 Supplies Dr 1250 To Cash 1250 Office Equipment Dr 10050 To Accounts Payable 10050 Cash Dr 15500 To Fees Earned 15500 accounts Receivable Dr 2700 To Fees Earned 2700 Rent Dr 1225 To cash 1225 Cash Dr 1125 To Accounts Receivable 1125 Capital Dr 10000 To Cash 10000