Exercise 2-9 Recording effects of transactions In T-accounts LO A1 The transactions of Spade Company...
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Exercise 2-9 Recording effects of transactions In T-accounts LO A1 The transactions of Spade Company appear below. a. Kacy Spade, owner, Invested $100750 cash in the company in exchange for common stock b. The company purchased office supplies for $1.250 cash. c The company purchased $10.050 of office equipment on credit d. The company recelved $15.500 cash as fees for services provided to a customer e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c 1. The company billed a customer $2,700 as fees for services provided. g. The company paid $1.225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f . The company paid a $10,000 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
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