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The transactions of Spade Company appear below. a. K. Spade, owner, invested $12,250 cash in the company in exchange for common stock. b. The company
The transactions of Spade Company appear below. a. K. Spade, owner, invested $12,250 cash in the company in exchange for common stock. b. The company purchased supplies for $355 cash. c. The company purchased $6,774 of equipment on credit. d. The company received $1,446 cash for services provided to a customer. e. The company paid $6,774 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,597 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,091 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 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.) SPADE COMPANY Trial Balance May 31 Debit $ 12,250 Credit 12,250 355 355 Cash Common stock Supplies Equipment Accounts payable Services revenue Accounts receivable Rent expense $ 0 Totals $ 12,605 $ 12,605
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