Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information applies to the questions displayed below.] The transactions of Spade Company appear below. K. Spade, owner, invested $17,000 cash in the company
The following information applies to the questions displayed below.]
The transactions of Spade Company appear below.
- K. Spade, owner, invested $17,000 cash in the company in exchange for common stock.
- The company purchased supplies for $493 cash.
- The company purchased $9,401 of equipment on credit.
- The company received $2,006 cash for services provided to a customer.
- The company paid $9,401 cash to settle the payable for the equipment purchased in transaction c.
- The company billed a customer $3,604 for services provided.
- The company paid $520 cash for the monthly rent.
- The company collected $1,514 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.
Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started