Question

Exercise 2-9 Recording effects of transactions in T-accounts LO A1 The transactions of Spade Company appear below. ts a. Kacy Spade, owner, invested $15,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $450 cash. c. The company purchased $8,572 of office equipment on credit. d. The company received $1,829 cash as fees for services provided to a customer. e. The company paid $8,572 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $3,286 as fees for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,380 cash as partial payment for the account receivable created in transaction I. The company paid a $900 cash dividend to the owner (sole shareholder). pped Book erences 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 Stocic 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 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 Earned; and Rent Expense. Use the letters beside each transaction to identify entries. View transaction list Journal entry worksheet 2 3 Kacy Spade, owner, invested $15,500 cash in the company in exchange for common stock. Note: Enter debits before credits. General Journal Transaction Debit Credit a. Record entry Clear entry View general journal ( Prev

Answer 1

Transaction	General Journal	Debit	Credit
a.	Cash	$15,500
	Common Stock		$15,500
	(Invested in common stock)
b.	Office Supplies	$450
	Cash		$450
	(Purchase office supplies in cash)
c.	Office Equipment	$8,572
	Accounts Payable		$8,572
	(purchase office equipment on credit)
d.	Cash	$1,829
	Fess Earned		$1,829
	(Fees earned in cash)
e.	Accounts Payable	$8,572
	Cash		$8,572
	(Paid to accounts payable)
f.	Accounts Receivable	$3,286
	Fess Earned		$3,286
	(Billed to the customer for fees)
g.	Rent Expense	$525
	Cash		$525
	(Paid rent expense)
h.	Cash	$1,380
	Accounts Receivable		$1,380
	(Collection from accounts receivable)
i.	Dividends	$900
	Cash		$900
	(Dividend paid in cash)