Question
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,
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.)
The transactions of Spade Company appear below.
K. Spade, owner, invested $12,000 cash in the company in exchange for common stock.
The company purchased supplies for $348 cash.
The company purchased $6,636 of equipment on credit.
The company received $1,416 cash for services provided to a customer.
The company paid $6,636 cash to settle the payable for the equipment purchased in transaction c.
The company billed a customer $2,544 for services provided.
The company paid $515 cash for the monthly rent.
The company collected $1,068 cash as partial payment for the account receivable created in transaction f.
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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