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 assignmen

Question Completion:

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $18,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $544 cash. c. The company purchased $10,369 of office equipment on credit. d. The company received $2,212 cash as fees for services provided to a customer. e. The company paid $10,369 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,975 as fees for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,670 cash as partial payment for the account receivable created in transaction f. i. The company paid $1,000 cash in dividends to the owner (sole shareholder).

Spade Company

General Journal Entries:

a. Debit Cash $18,750

Credit Common stock $18,750

To record cash contributed in exchange of common stock.

b. Debit Office supplies $544

Credit Cash $544

To record the purchase of office supplies.

c. Debit Office Equipment $10,369

Credit Accounts Payable $10,369

To record the purchase of office equipment on account.

d. Debit Cash $2,212

Credit Fees Earned $2,212

To record the receipt of cash for earned fees.

e. Debit Accounts Payable $10,369

Credit Cash $10,369

To record the payment for office equipment.

f. Debit Accounts Receivable $3,975

Credit Fees Earned $3,975

To record the supply of services on account.

g. Debit Rent Expense $530

Credit Cash $530

To record payment for monthly rent.

h. Debit Cash $1,670

Credit Account receivable $1,670

To record the receipt of cash on account.

i. Debit Dividends $1,000

Credit Cash $1,000

To record the payment of cash dividend.

2. T-accounts:

Cash

Account Title           Debit      Credit

Common stock    $18,750

Office supplies                     $544

Fees Earned            2,212

Accounts Payable              10,369

Rent Expense                         530

Account receivable 1,670

Dividends                            1,000

Accounts receivable

Account Title           Debit      Credit

Fees Earned         $3,975

Cash                                       $1,670

Office Supplies

Account Title           Debit      Credit

Cash                       $544

Office Equipment

Account Title           Debit      Credit

Accounts Payable $10,369

Common Stock

Account Title           Debit      Credit

Cash                                      $18,750

Accounts Payable

Account Title           Debit      Credit

Office Equipment                $10,369

Cash                     $10,369

Fees Earned

Account Title               Debit      Credit

Cash                          $2,212

Accounts Receivable 3,975

Rent Expense

Account Title               Debit      Credit

Cash                           $530

Dividends

Account Title               Debit      Credit

Cash                         $1,000

Explanation:

a) Data and Analysis:

a. Cash $18,750 Common stock $18,750

b. Office supplies $544 Cash $544

c. Office Equipment $10,369 Accounts Payable $10,369

d. Cash $2,212 Fees Earned $2,212

e. Accounts Payable $10,369 Cash $10,369

f. Accounts Receivable $3,975 Fees Earned $3,975

g. Rent Expense $530 Cash $530

h. Cash $1,670 Account receivable $1,670

i. Dividends $1,000 Cash $1,000

yup the answer is

answer; complain or request hazard correction from your employer;