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Option #1: The Case of Kacy Spade
In this case, you will record the effects of transactions using the accrual method of accounting.
Prepare general journal entries using an Excel spreadsheet to record the transactions listed below for the Spade Company.
Use the following chart of accounts:
- Accounts receivable
- Office supplies
- Office equipment
- Accounts payable
- K. Spade, capital
- K. Spade, withdrawals
- Fees earned
- Rent expense
Use the letters beside each transaction to identify your entries:
- Kacy Spade, owner, invested $10,750 cash in the company.
- The company purchased office supplies for $312 cash.
- The company purchased $5,945 of office equipment on credit.
- The company received $1,268 cash as fees for services provided to a customer.
- The company paid $5,945 cash to settle the payable for the office equipment purchased in transaction c.
- The company billed a customer $2,279 as fees for services provided.
- The company paid $510 cash for the monthly rent.
- The company collected $957 cash as partial payment for the account receivable created in transaction f.
- Kacy Spade withdrew $1,000 cash from the company for personal use.
In an Excel spreadsheet, prepare journal entries a through i. Make sure that the debits equal the credits for each journal entry. Under each journal entry, include one sentence that explains the transaction. For an explanation, see the solution to the demonstration problem in Chapter 2 of the textbook.