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.
General Journal entries-
Transaction | Journal Entry | Debit (in $) | Credit (in $) |
a | Cash | $13000 | |
Common stock | $13000 | ||
b | Office supplies | 377 | |
Cash | 377 | ||
c | office equipment | 7189 | |
Accounts Payable | 7189 | ||
d | Cash | 1534 | |
Fees Earned | 1534 | ||
e | Accounts Payable | 7189 | |
Cash | 7189 | ||
f | Accounts Receivable | 2756 | |
Fees Earned | 2756 | ||
g | Rent expenses | 530 | |
Cash | 530 | ||
h | Cash | 1158 | |
Accounts Receivable | 1158 | ||
i | Dividends | 1100 | |
Cash | 1100 |
T Accounts-
Cash
Transaction | Debit (in $) | Transaction | Credit (in $) |
a | $13,000 | b | $377 |
d | 1,534 | e | 7,189 |
h | 1,158 | g | 530 |
i | $1,100 | ||
Balance | $6,496 |
Common stock
Transaction | Debit (in $) | Transaction | Credit (in $) |
a | 13,000 | ||
Balance | $13,000 |
Office supplies
Transaction | Debit (in $) | Transaction | Credit (in $) |
b | 377 | ||
Balance | $377 |
office equipment
Transaction | Debit (in $) | Transaction | Credit (in $) |
c | 7189 | ||
Balance | $7189 |
Accounts Payable
Transaction | Debit (in $) | Transaction | Credit (in $) |
e | 7189 | c | 7189 |
Balance | $0 |
Fees earned
Transaction | Debit (in $) | Transaction | Credit (in $) |
d | 1534 | ||
f | 2756 | ||
Balance | $4290 |
Rent expenses
Transaction | Debit (in $) | Transaction | Credit (in $) |
g | 530 | ||
Balance | $530 |
Accounts receivable
Transaction | Debit (in $) | Transaction | Credit (in $) |
f | 2756 | h | 1158 |
Balance | $1598 |
Dividend
Transaction | Debit (in $) | Transaction | Credit (in $) |
i | 1100 | ||
Balance | $1100 |
Thanks & all the best............
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