Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. b. The

  

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $100,750 cash in the company in exchange for common stock. b. The company purchased office supplies for $1,250 cash. c. The company purchased $10,050 of office equipment on credit. d. The company received $15,500 cash as fees for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,700 as fees for services provided. g. The company paid $1,225 cash for the monthly rent. h. The co pany collected $1,125 cash as partial payment for the account receivable created in transaction f i. The company paid a $10,000 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Totals SPADE COMPANY Trial Balance May 31 Debit $ 69 Credit 0

Step by Step Solution

3.52 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

Requirement Trial Balance as asked Accounts title Cash Accounts receivables Office Suppli... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions

Question

What is really the cause of the conflict?

Answered: 1 week ago