The transactions of Spade Company appear below.

Exercise 2-9 Recording effects of transactions in T-accounts LO A1

The transactions of Spade Company appear below.

1. Kacy Spade, owner, invested $12,750 cash in the company in exchange for common stock.
2. The company purchased office supplies for $370 cash.
3. The company purchased $7,051 of office equipment on credit.
4. The company received $1,504 cash as fees for services provided to a customer.
5. The company paid $7,051 cash to settle the payable for the office equipment purchased in transaction c.
6. The company billed a customer $2,703 as fees for services provided.
7. The company paid $515 cash for the monthly rent.
8. The company collected $1,135 cash as partial payment for the account receivable created in transaction f.
9. The company paid $1,100 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.


 

Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.