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.
Assignment Template attached below in the file name "Project Template"
Use the following chart of accounts:
K. Spade, capital
K. Spade, withdrawals
Use the letters beside each transaction to identify your entries:
a. Kacy Spade, owner, invested $10,750 cash in the company.
b. The company purchased office supplies for $312 cash.
c. The company purchased $5,945 of office equipment on credit.
d. The company received $1,268 cash as fees for services provided to a customer.
e. The company paid $5,945 cash to settle the payable for the office equipment purchased in
f. The company billed a customer $2,279 as fees for services provided.
g. The company paid $510 cash for the monthly rent.
h. The company collected $957 cash as partial payment for the account receivable created in
i. 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.
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