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drop down menu options are accounts payable, accounts receivable, cash, common stock, dividends, equipment, rent expense, services revenue, and supplies. The transactions of Spade Company
drop down menu options are accounts payable, accounts receivable, cash, common stock, dividends, equipment, rent expense, services revenue, and supplies.
The transactions of Spade Company appear below. a. K. Spade, owner, invested $15,750 cash in the company in exchange for common stock. b. The company purchased supplies for $457 cash. c. The company purchased $8,710 of equipment on credit. d. The company received $1,859 cash for services provided to a customer. e. The company paid $8,710 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,339 for services provided. 9. The company paid $530 cash for the monthly rent. h. The company collected $1,402 cash as partial payment for the account receivable created in transaction f. 1. The company paid a $1,000 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.) Step by Step Solution
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