Question

X M X M box (747 X Chapter 2 x C The truture Amazon X 4 onnect.mheducation.com/flow/connect.html ework The transactions of Spade Company appear below. a. Kacy Spade, ownes, invested $18.250 cash in the company b. The company purchased office supplies for $529 cash c. The company purchased $10,092 of office equipment on Credit d. The company received $2.153 cash as fees for services provided to a customer e. The company paid $10,092 cash to settle the payable for the office equipment purchased in transactions The company billed a customer S3 869 as fees for services provided 9. The company paid $525 cash for the monthly rent h. The company collected $1,625 cash as partial payment for the account receivable created in transaction Lacy 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; oyables Sondec k Sewing accounts. Cash and Rent Expense. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to 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 accounts, which serves as the general ledger for this assignment Post the above journal entries to Cash Accounts Receivable Once supplies Omice Equipment < Prev 3 of 8 III Next > MacBook Pro

Answer 1

Journal Entries

Entry	Account	Debit	Credit	Explanation
a.	Cash	$18,250		Record inflow of cash from owner
	Common Stock		$18,250	Record common stock
b.	Office Supplies	$529		Record supplies at cost
	Cash		$529	Record outflow of cash for purchase of supplies
c.	Office Equipment	$10,092		Record office equipment at cost
	Accounts Payable		$10,092	Record amount owed for equipment
d.	Cash	$2,153		Record inflow of cash from customer
	Service Revenue		$2,153	Record revenue from services provided
e.	Accounts Payable	$10,092		Remove accounts payable upon payment
	Cash		$10,092	Record outflow of cash
f.	Accounts Receivable	$3,869		Record amount to be received from customers
	Service Revenue		$3,869	Record revenue from services provided
g.	Rent Expense	$510		Record rent expense for month
	Cash		$510	Record outflow of cash in payment of rent
h.	Cash	$1,625		Record inflow of cash from collection
	Accounts Receivable		$1,625	Remove portion of receivable collected
i.	Dividends	$1,200		Record payment of dividends
	Cash		$1,200	Record outflow of cash made in payment of dividends

T-Accounts

Entry	Cash		Common Stock		Office Supplies		Office Equipment
Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
a.	$18,250			$18,250
b.		$529			$529
c.							$10,092
d.	$2,153
e.		$10,092
f.
g.		$510
h.	$1,625
i.		$1,200
	---------------	---------------	---------------	---------------	---------------	---------------	---------------	---------------
Balance	$9,697			$18,250	$529		$10,092
Entry	Accounts Payable		Service Revenue		Accounts Receivable		Rent Expense		Dividends
Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
a.
b.
c.		$10,092
d.				$2,153
e.	$10,092
f.				$3,869	$3,869
g.							$510
h.						$1,625
i.									$1,200
	---------------	---------------	---------------	---------------	---------------	---------------	---------------	---------------	---------------	---------------
Balance		$0		$6,022	$2,244		$510		$1,200