Glrsx Chapter2 ecure https/ pter 2 6 a. Kacy Spade, owner, invested S100,750 cas

Question

Glrsx Chapter2 ecure https/ pter 2 6 a. Kacy Spade, owner, invested S100,750 cash in the company 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 ollected S125 ast as parta payment for the account h. The company collected $1,125 cash as partial payment for the account recelvable created in transaction f i. Kacy Spade withdrew $10,000 cash from the company for personal use. eBook Prepare the Trial Balance. Hint Trial Balance May 31, 2017 Debit Credit 100,750 payable Accounts receiva Fees earned K Spade, Capital Spade Withdrawals 10,000 ice supplies Totals 10.000 75 Prey 4f6 Next>

Explanation / Answer

Solution:

Working:

Cash = 100,750 + 15,500 + 1,125 - (1,250 + 10,050 + 1,225 + 10,000) = 94,850

Fees earned: 15,500 + 2,700 = 18,200

Accounts receivable: 2,700 - 1,125 = 1,575

Debit Credit Cash 94,850 Accounts receivable 1,575 Office equipment 10,050 Office supplies 1,250 Accounts payable Common stock 100,750 Fees earned 18,200 Dividends 10,000 Rent expense 1,225 118,950 118,950

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