2Please help...ill rate answers... The transactions of Dexter Company: Prepare g

Question

2Please help...ill rate answers...

The transactions of Dexter Company:

Prepare general journal entries to record the transactions above: 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. (Omit the "$" sign in your response.)

Post the abovejournal entries to T-accounts, which serves as the general ledger for this assignment. Determine the ending balance of each T-account. (Record the transactions in the given order. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

a. Macy Dexter, owner, invested $15,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $457 cash. c. The company purchased $8,710 of office equipment on credit. d. The company received $1,858 cash as fees for services provided to a customer. e. The company paid $8,710 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,339 as fees for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,402 cash as partial payment for the account receivable created in transaction f. i. The company paid$900 cash for dividends.

Explanation / Answer

The journal entries as follows:
a. Macy Dexter, owner, invested $15,750 cash in the company in exchange for common stock.
Cash (Dr.) 15750
Common stock (Cr.) 15750

b. The company purchased office supplies for $457 cash.
Office Supplies (Dr.) 457
Cash (Cr.) 457

c. The company purchased $8,710 of office equipment on credit.
Office equipment (Dr.) 8710
Accounts payable (Cr.) 8710

d. The company received $1,858 cash as fees for services provided to a customer.
Cash (Dr.) 1858
Fees earned (Cr.) 1858

e. The company paid $8,710 cash to settle the payable for the office equipment purchased in transaction c.
Accounts payable (Dr.) 8710
Cash (Cr.) 8710

f. The company billed a customer $3,339 as fees for services provided.
Accounts receivable (Dr.) 3339
Fees earned (Cr.) 3339

g. The company paid $515 cash for the monthly rent.
Rent expense (Dr.) 515
Cash (Cr.) 515

h. The company collected $1,402 cash as partial payment for the account receivable created in transaction f.
Cash (Dr.) 1402
Accounts receivable (Cr.) 1402

i. The company paid$900 cash for dividends.
Dividends (Dr.) 900
Cash (Cr.) 900

T accounts may look messy, but I'll give it a try.


Cash

DEBIT CREDIT
15750 457
1858 8710
1402 515
900
8428 (Balance)

Accounts Receivable

DEBIT CREDIT
3339 1402
1937 (Balance)

Office Supplies

DEBIT CREDIT
457 (Balance)

Office Equipment

DEBIT CREDIT
8710 (Balance)

Accounts Payable

DEBIT CREDIT
8710 8710
0 (Balance)

Common stock

DEBIT CREDIT
15750 (Balance)

Dividends

DEBIT CREDIT
900 (Balance)

Fees Earned

DEBIT CREDIT
3339
1858
5197 (Balance)

Rent Expense

DEBIT CREDIT
515 (Balance)

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