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 company

image text in transcribed
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 R The company poilecde@ 3, 25 Cast a pontalpayment for he account recervable created in transacion h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f i. The company paid $10,000 cash in dividends to the owner (sole shareholder) Check Cash ending balance, $94,850 Prepare the Trial Balance SPADE COMPANY Trial Balance May 31, 2016 Debit Credit S 94850 1.250 10,050 2.700 Cash Office supplies Office equipment Fees earned Accounts payable Common stock Rent expense Accounts receivable Dividends 10.050 1.225 16,625 10,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

TS 16949 Insights From A Third Party Auditor With A Process Approach Audit Checklist

Authors: Karen Welch

1st Edition

0873896548, 978-0873896542

More Books

Students also viewed these Accounting questions

Question

What teacher supports and services are needed? (D2, D7, D8)

Answered: 1 week ago

Question

Evaluate the importance of diversity in the workforce.

Answered: 1 week ago

Question

Identify the legal standards of the recruitment process.

Answered: 1 week ago