Question

a. Kacy Spade, owner, invested $16,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $486 cash. c. The company purchased $9,263 of office equipment on credit. d. The company received $1,976 cash as fees for services provided to a customer. e. The company paid $9,263 cash to settle the payable for the office equipment purchased in transactionc f. The company billed a customer $3,551 as fees for services provided. 9. The company paid $520 cash for the monthly rent. h. The company collected $1,491 cash as partial payment for the account receivable created in transaction f. 1. The company paid a $900 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

Answer 1

Solution:

Solution D Shol Particular A cash K spade 16,750.00 16,750.00 Ibl office supplies Cash. 1486.00 1486.00 9,263.00 19,263.00 Ic lofpice equipment Accoun payable Di Cash 1946.00 1,976.00 9,26300 fee earned le Account payable Cash If liiccount Receivable fee earned 9 26300 3,351.00 3,351.00 19 Rent expense 520.00 520.00 cash 1491 1421 Th Cash Account Receiveable Ik spade withdrawal Cash , 900 900

Cash s. No particular Amout K. Skep Spade 16, 450.00 b particular elmonal office supplies (486.00 d a fee earned 1,976.00 e g Aron Account payable 9,263.00 Rent 520,00 h Cash 14491 Ik spade withdr- lawal 900 Balance 9,048 Total 20,217.00 Total 20,217.00

Selle Loftice Suppila prenticulars Icoon't Cush 486.00 particular Limt. . b Balance 4 86.00 Total 486.00 Total 486.00 loffice equipment particular camt particular | Amt C Cccount Puyable 9,263.00 Balance 9,263.00 Total 9,263.00 Total PRE0 5.263.00 Bepo fee earned particular Amt. particular Lamt 'cash 14,976.00 fee earned 3,351.00 o.e Income statement for profit & g Ross Account 15,327.00 Total Account payable с C 15,327.00 Klotal 5,327.00 particular Amt particular cant Cash 19, 263.00 9,263.00 Balance 04fice equip- lement Bulance Total 19 12 63.00 Totul 9,263.cc

LACCOUAR Recetreible Penarolus And punticular 10 1,491.00 2oGo 18 bereo 3,55600 Total IRON expense Balance 3.55.00 Total pronticuan tamat 526,60 Income statem end av Drolie particulos loss around Total $20.00 520.00 520.06 K spade orth Branco) الله لهمعلمناهم particules Cash 1 R-spade goo Total "k-spade 900 Total particules particular came cash 16,450,00 09 i k space withrineww 900 Balance 5,850.00 6,750,05 Total 16,750.00 Total