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The transactions of Spade Company: a. Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. b. The company purchased office
The transactions of Spade Company:
a. | Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. |
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 transaction c. |
f. | The company billed a customer $2,279 as fees for services provided. |
g. | The company paid $520 cash for the monthly rent. |
h. | The company collected $957 cash as partial payment for the account receivable created in transaction f. |
i. | The company paid $900 cash in dividends to Spade |
Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Fees Earned; and Rent Expense. |
and then Post them to T-accounts, which serves as the general ledger for this assignment. |
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