After recording the transactions of Exercise 2-9 in T-accounts and calculating the balance of each account, prepare a
After recording the transactions of Exercise 2-9 in T-accounts and calculating the balance of each account, prepare a trial balance. Use May 31, 2017, as its report date.
In Exercise 2-9
Prepare general journal entries to record the transactions below 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. After recording the transactions, post them to T-accounts, which serves as the general ledger for this assignment. Determine the ending balance of each T-account.
a. Kacy Spade, owner, invested $100,750 cash in the company.
b. The company purchased office supplies for $1,250 cash.
c. The company purchased $10,050 of office equipment on credit.
d. The company received $15,500 cash as fees for services provided to a customer.
e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c.
f. The company billed a customer $2,700 as fees for services provided.
g. The company paid $1,225 cash for the monthly rent.
h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f.
i. Kacy Spade withdrew $10,000 cash from the company for personal use.