Help Save Exercise 2.9 Recording effects of transactions jn T-accounts LO A1 The

Question

Help Save Exercise 2.9 Recording effects of transactions jn T-accounts LO A1 The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,250 cash in the company. b. The company purchased office supplies for $297 cash. c. The company purchased $5,668 of office equipment on credit. d. The company received $1,209 cash as fees for services provided to a customer. e. The company paid $5,668 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $2.173 as fees for services provided. g. The company paid $520 cash for the monthly rent. h. The company collected $913 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $1.200 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 serves as the general ledger for this assignment. Complete this question by entering your answers in the tabs below Required 1 Required 2 Post the above journal entries to T-accounts, which serves as the general ledger for this assignment. Cash nts Recevable

Explanation / Answer

Spade Company General Journal Ref Account Title Debit Credit a Cash 10250 K.Spade, Capital 10250 (Cash invested by K.Spade) b Office Supplies 297 Cash 297 (Purchase of office supplies on cash) c Office Equipment 5668 Accounts Payable 5668 (Purchase of office equipment on credit) d Cash 1209 Fee Earned 1209 (Fee earned ) e Accounts Payable 5668 Cash 5668 (Payment made to supplier of equipment) f Accounts Receivable 2173 Fee Earned 2173 (Service billed o customer) g Rent Expense 520 Cash 520 (Rent paid by cash) h Cash 913 Accounts Receivable 913 (Part payment received from customers) i K.Spade, Withdrawals 1200 Cash 1200 (Cash drawn by Kacy Spade) Cash Accounts Receivable Supplies Ref Debit Credit Ref Ref Debit Credit Ref Ref Debit Credit Ref a 10250 297 b f 2173 913 h b 297 Date 1209 5668 e h 913 520 g 2173 913 297 0 1200 i Balance 1260 Balance 297 12372 7685 Balance 4687 Office Equipment Accounts Payable K.Spade, Capital Ref Debit Credit Ref Ref Debit Credit Ref Ref Debit Credit Ref c 5668 e 5668 5668 c 10250 a 5668 0 5668 5668 0 10250 Balance 5668 Balance Balance 10250 K.Spade, Withdrawals Fee Earned Rent Expense Ref Debit Credit Ref Date Debit Credit Ref Ref Debit Credit Ref i 1200 1209 d g 520 1200 0 2173 f 520 0 Balance 1200 0 3382 Balance 520 Balance 3382

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