Reference no: EM132549641
Question - Kacy Spade, owner, invested $13,750 cash in the company in exchange for common stock.
The company purchased office supplies for $399 cash.
The company purchased $7,604 of office equipment on credit.
The company received $1,622 cash as fees for services provided to a customer.
The company paid $7,604 cash to settle the payable for the office equipment purchased in transaction c.
The company billed a customer $2,915 as fees for services provided.
The company paid $535 cash for the monthly rent.
The company collected $1,224 cash as partial payment for the account receivable created in transaction f.
The company paid $900 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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