The transactions of Spade Company appear below. Kacy Spade, owner, invested $100,750 cash
The transactions of Spade Company appear below.
- Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock.
- The company purchased office supplies for $1,250 cash.
- The company purchased $10,050 of office equipment on credit.
- The company received $15,500 cash as fees for services provided to a customer.
- The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c.
- The company billed a customer $2,700 as fees for services provided.
- The company paid $1,225 cash for the monthly rent.
- The company collected $1,125 cash as partial payment for the account receivable created in transaction f.
- The company paid $10,000 cash in dividends to the owner (sole shareholder).
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.