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The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $13,750 cash in the company in exchange for common stock. b. The
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $13,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $399 cash. c. The company purchased $7,604 of office equipment on credit. d. The company received $1,622 cash as fees for services provided to a customer. e. The company paid $7,604 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,915 as fees for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,224 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder). Required: 1. 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. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.
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