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The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,000 cash in the company in exchange for common stock. b. The company
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,000 cash in the company in exchange for common stock. b. The company purchased office supplies for $290 cash. c. The company purchased $5,530 of office equipment on credit. d. The company received $1,180 cash as fees for services provided to a customer. e. The company paid $5,530 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,120 as fees for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $890 cash as partial payment for the account receivable created in transaction f. i. The company paid $1,200 cash in dividends 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. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment
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