Question

Exercise 2-9 Recording effects of transactions in T-accounts LO A1 The transactions of Spade Company appear below a. Kacy Spade, owner, invested $19,000 cash in the company in exchange for common stock b. The company purchased office supplies for $551 cash c. The company purchased $10,507 of office equipment on credit d. The company received $2.242 cash as fees for services provided to a customer e. The company paid $10.507 cash to settle the payable for the office equipment purchased in transaction The company bued a customer $4028 as fees for services provided. 9. The company paid 5530 cash for the monthly rent. h. The company collected $1,692 cash as partial payment for the account receivable created in transaction The company paid a $900 cash dividend to the owner sole shareholder Required: 1. Prepare general ournal entries to record the transactions above for Spade Company by using the following accounts: Cash: Accounts Receivable: Omice Supplies: Orice Equipment Accounts Payable: Common Stock Dividends: Fees Eamed; 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 Required 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 Eamed; 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 $19,000 cash in the company in exchange for common stock. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry

Answer 1

Part 1

No.	Transaction	General journal	Debit	Credit
1	a.	Cash	19000
		K. Spade, capital		19000
2	b.	Office supplies	551
		Cash		551
3	c.	Office equipment	10507
		Accounts payable		10507
4	d.	Cash	2242
		Fees earned		2242
5	e.	Accounts payable	10507
		Cash		10507
6	f.	Accounts receivable	4028
		Fees earned		4028
7	g.	Rent expense	530
		Cash		530
8	h.	Cash	1692
		Accounts receivable		1692
9	i.	Dividend	900
		Cash		900

Part 2

Cash
a.	19000	b.	551
d.	2242	e.	10507
h.	1692	g.	530
		i.	900
Balance	10446

f.	4028	h.	1692
Balance	2336

Office supplies
b.	551
Balance	551

Office Equipment
c.	10507
Balance	10507

Accounts payable
e.	10507	c.	10507
Balance			0

K. Spade, Capital
		a.	19000
Balance			19000

Dividend
i.	900
Balance	900

Fees Earned
		d.	2242
		f.	4028
Balance			6270

Rent Expense
g.	530
Balance	530