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The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,500 cash in the company in exchange for common stock. b. The
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $305 cash. c. The company purchased $5,807 of office equipment on credit. d. The company received $1,239 cash as fees for services provided to a customer. e. The company paid $5,807 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,226 as fees for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $935 cash as partial payment for the account receivable created in transaction f 1. The company paid a $800 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2
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