Prepare general journal entries to record the transactions

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Question - The transactions of Spade Company appear below.

a. Kacy Spade, owner, invested $10,500 cash in the company.

b. The company purchased office supplies for $305 cash.

c. The company purchased $5,807 of office equipment on credit.

d. The company received $1,239 cash as fees for services provided to a customer.

e. The company paid $5,807 cash to settle the payable for the office equipment purchased in transaction c.

f. The company billed a customer $2,226 as fees for services provided.

g. The company paid $510 cash for the monthly rent.

h. The company collected $935 cash as partial payment for the account receivable created in transaction f.

i. Kacy Spade withdrew $1,000 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.

Reference no: EM132593748

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