The transactions of Spade Company appear below. A. Kacy Spade, owner, invested $14,250 cash in the company in exchange for common stock.
B. The company purchased office supplies for $413 cash.
C. The company purchased $7,880 of office equipment on credit.
D. The company received $1,681 cash as fees for services provided to a customer.
E. The company paid $7,880 cash to settle the payable for the office equipment purchased in transaction c.
F. The company billed a customer $3,021 as fees for services provided.
G. The company paid $520 cash for the monthly rent.
H. The company collected $1,269 cash as partial payment for the account receivable created in transaction f.
I. The company paid a $1,000 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. 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.

Entries are given

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

                                            DEBIT           CREDIT

A. Kacy Spade, owner, invested cash in the company

Common stock                   14250

Cash                                                           14250

B. The company purchased office supplies

Office supplies                      413

Cash                                                              413

C.The company purchased office equipment on credit

Office equipment                 7880

Payables                                                      7880

D.The company received $1,681 in cash

Cash                                       1681

Fees earned                                                 1681

E. The company paid $7,880 cash to settle the payable

Payables                                7880

Cash                                                              7880

F. The company billed a customer $3,021 as fees

Receivable                              3021

fees earned                                                   3021

G. The company paid $520 cash for the monthly rent.

Rental expense                        520

Cash                                                               520

H. The company collected $1,269 cash as partial payment

Cash                                         1269

Receivables                                                    1269

I. The company paid a $1,000 cash dividend to the owner

Retained earnings                  1000

Cash                                                                 1000