Question

a. Kacy Spade, owner, invested $17,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $508 cash. c. The company purchased $9,678 of office equipment on credit. d. The company received $2,065 cash as fees for services provided to a customer. e. The company paid $9,678 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,710 as fees for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,000 cash dividend 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. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Kacy Spade, owner, invested $17,500 cash in the company in exchange for common stock. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2 >

Answer 1

TRANS ACTION GENERAL JOURNAL DEBIT CREDIT a. Cash Account $17.500 $ 17,500 Common Stoex Aecount office supplices B $508 Cash $ 508 $9.678 d office Eaupment $9,678 A ecounts payable Cash $ 2,065 Freces Earned. Accounts payable $ 9.678 Cash $ 2065 $9,678 Account Recevable: $3,710 3.710 Feces Earnced Rent expenses. $ 515 Cash $515 Cash $1,558 Account Receivables $1,558 Dividiends $ 1 000 Cash $1,000 $46,212 $ 46,212 Total =

Cash Common stock $ 17,500 Office Supplies $ 508 Frees Earned $ 2,065 Accounts payable $9,678 COUN''Receivab $1,558 Rent Expenses $ 515 Dividends $1,000 BALANCE $ 9422 Acco les $ 21,123 $ 21,123 Office Supplies Cash $ 508 BALANCE $ 508 $ 508 $ 508 Accounts payable Cash 89678 office Equipmaa GIS ents $9,678 $ 9.678 * NO BALANCE LEFT

DIVIDENDS Cash $1,000 BALANCE $1,000 $1,000 $1,000 Rent Expenses Cash $ 515 BALANCE $ 515 $ 515 $ 515 Accounts Receivables Frees Earned $3,710 Cash BALANCE $ 1,558 $2,152 $ 3,710 $ 3.710 office Equipment Ae Counts payable $9,678 BALANCE $9.678 Common Stock $ 9,678 $ 9.678 BALANCE $ 17,500 cash 8.17.500 frees Earned $17.500 $17.500 BALANCE $5,775 Cash $ 2,065 A ecounts Receivable $ 3,710 $5,775 $ 5.775