Question

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $14,000 cash in the company. b. The company puPost the above journal entries to T-accounts, which serves as the general ledger for this assignment. Cash Accounts ReceivablAccounts Payable K. Spade, Capital Balance Balance K. Spade, Withdrawals Fees Earned Balance Balance 0 Rent Expense Balance <

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Answer #1

1.

S.No. Particulars Debit Credit
a. Cash $ 14,000
K. Spade, Capital $ 14,000
(Capital invested in the company)
b. Office Supplies $       406
Cash $       406
(Purchase of office supplies)
c. Office Equipment $   7,742
Accounts payable $   7,742
(Purchase of office equipment)
d. Cash $   1,652
Fees Earned $   1,652
(Cash received or serives provided)
e. Accounts payable $   7,742
Cash $   7,742
(Paid towards office equipement purchased)
f. Accounts receivable $   2,968
Fees Earned $   2,968
(Billed to a customer towards services provided)
g. Rent expense $       530
Cash $       530
(Paid cash towards rent expense)
h. Cash $   1,247
Accounts receivable $   1,247
(Cash received from customer)
i. K. Spade, Withdrawals $   1,200
Cash $   1,200
(Cash withdrawn by K.Spade)

2).

Cash
K. Spade, Capital $ 14,000
Office Supplies $     406
Fees Earned $   1,652
Accounts payable $ 7,742
Rent expense $     530
Accounts receivable $   1,247
K. Spade, Withdrawals $ 1,200
Balance $   7,021
Accounts Receivable
Fees Earned $ 2,968
Cash $   1,247
Balance $ 1,721
Office supplies
Cash $       406   
Balance $       406 0
Office Equipment
Accounts payable $ 7,742
Balance $ 7,742
Accounts Payable
Office Equipment $ 7,742
Cash $   7,742
Balance 0 0
K.Spade, Capital
Cash $ 14,000
Balance $ 14,000
K.Spade, Withdrawals
Cash $   1,200   
Balance $   1,200
Fees Earned
Cash $   1,652
   Accounts receivable $   2,968
Balance $   4,620
Rent Expense
Cash $       530
  
Balance $       530
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