Question

Exercise 2-9 Recording effects of transactions in T-accounts LO A1 The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,750 cash in the company. b. The company purchased office supplies for $312 cash. C. The company purchased $5,945 of office equipment on credit. d. The company received $1,268 cash as fees for services provided to a customer. e. The company paid $5,945 cash to settle the payable for the office equipment purchased in transactionc f. The company billed a customer $2,279 as fees for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $957 cash as partial payment for the account receivable created in transaction f. 1. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 Evnenes i les the lattere haeida enrh trane artinn to identif entree < Prex 1 of 3 !! Next >

Answer 1

Solution: Part 1 Journal Entries Particulars Credit Particulars Cash A/c Dr. Debit $10,750 To K Spade Capital A/C $ 10,750 b Office Supplies A/c Dr. $ 312 To Cash A/C $ 312 Office Equipment A/c Dr. $ 5,945 To Account Payables A/C $ 5,945 d Cash A/c Dr. $ 1,268 To Fees Earned A/C $ 1,268 Account Payables A/c Dr. $ 5,945 To Cash A/C $ 5,945 Account Receivable A/c Dr. $ 2,279 To Fees Earned A/C $ 2,279

Rent Expense A/c Dr. $ 530 To Cash A/C $ 530 Cash A/c Dr. $ 957 To Account Receivable A/C $ 957 i $ 1,100 K. Spade, Withdrawals A/c Dr. To Cash A/C $ 1,100 Part 2 Cr K Spade Capital Account Date Date Particulars Particulars By Cash A/C 10,750 - To Ending Balance $ 10,750 $10,750 $ 10,750

Dr Date Part Cash Account Particulars Date To K Spade Capital A/C $ 10,750 b To Fees Earned A/C $ 1,268 e To Accounts Receivables A/C $ 957 g Particulars By Office Supplies A/C By Accounts Payables A/c $ By Rent Expense A/C By K Spade Withdrawals A/c $ h 312 5,945 530 1,100 By Ending Balance $ 5,088 $ 12,975 $ 12,975 Dr Cr Date Particulars To Cash A/C Accounts Payables Account Date $ 5,945 c Particulars By Office Equipment A/C $ 5,945 To Ending Balance $ 5,945 $ 5,945

Dr Date Accounts Receivables Account Particulars Date To Fees Earned A/C $ 2,279 h Da Particulars By Cash A/c $ 957 By Ending Balance 1,322 $ 2,279 $ 2,279 cr Date b Particulars Office Supplies Account Date $ 312 Particulars To Cash A/C By Ending Balance 312 $ 312 $ 312

Dr Cr Date Office Equipment Account Particulars Date To Accounts Payables A/C $ 5,945 Particulars $ By Ending Balance $ 5,945 $ 5,945 $ 5,945 Dr Cr Date Particulars Fees Earned Account $ Date d Particulars By Cash A/C By Accounts Receivable A/C $ $ $ 1,268 2,279 To P&L A/C $ 3,547 $ 3,547 $ 3,547 Dr Cr

Dr Cr Date Rent Expense Account $ Date $ 530 Particulars Particulars To Cash A/C $ By P&L A/C 530 $ 530 $ 530 Dr Cr Date K Spade Withdrawals Account $ Date $ 1,100 Particulars Particulars To Cash A/C $ By Ending Balance 1,100 $ 1,100 $ 1,100