Question

Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Kacy Spade, owner, invested $129,750 cash in the company. Jan. 2 The company purchased office supplies for $1,250 cash. Jan. 3 The company purchased $10,850 of office equipment on credit. Jan. 4 The company received $15,500 cash as fees for services provided to a customer. Jan. 5 The company paid $10,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $2,700 as fees for services provided. Jan. 7 The company paid $1,225 cash for the monthly rent. Jan. 8 The company collected $1,125 cash as partial payment for the account receivable created on January 6. Jan. 9 Kacy Spade withdrew $10,000 cash from the company for personal use. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet FS Impact The finnnnn

Answer 1

Date Description of Debit Credit Jan 1. 100, 750 Stock 100,750 2 1,250 Cash 1,250 3 10,050 10,050 15,500 15,500 5 10,oso to Cash 10,050 Cash Kacy Spade, Capital Commern [issued capital for cash] Office Supplies [puechased office supplies for cany office equipment Account payable [prechared equipment às credil] 40 Fees earned Cash [ service provided for cash] Account payable I paid cash to creditol Fees caened Accounts recievable [ Service provided on credit] 7. Rent expense Cash [ Rent paid by cash 8 Cash Account Recievable [ Cash recieved from Deb toe] 9. Kacy spade, Deauwings Cash [cash withdeavon for personal use 2,700 2700 1,225 1,225 1, 125 1125 10,000 10,000