Question
The transactions of Spade Company appear below. Kacy Spade, owner, invested $16,000 cash in the company in exchange for common stock. The company purchased office
The transactions of Spade Company appear below.
Kacy Spade, owner, invested $16,000 cash in the company in exchange for common stock. The company purchased office supplies for $464 cash. The company purchased $8,848 of office equipment on credit. The company received $1,888 cash as fees for services provided to a customer. The company paid $8,848 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $3,392 as fees for services provided. The company paid $520 cash for the monthly rent. The company collected $1,425 cash as partial payment for the account receivable created in transaction f. The company paid a $1,100 cash dividend to the owner (sole shareholder).
Required: * COMPLETED NO HELP NEEDED* 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.
I already completed the 1st part need help with the 2nd question T accounts. Wrote down how it should be layed out with some numbers I just wrote down and letters from the problem.
Cash 321 Accounts Receivable 223 a. 333 232 a. 33 b. 111 111 Balance 445 Balance 167 Office Supplies Office Equipment 11 b. 22 Balance Balance Accounts Payable Common Stock Balance Balance Dividends Fees Earned Balance Balance 0 Rent Expense Balance
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