Help The transactions of Spade Company appear below. a. Kacy Spade, owner, inves

ID: 2408496 • Letter: H

Question

Help The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $17750 cash in the company in exchange for common stock. b. The company purchased office supplies for $515 cash. c. The company purchased $9,816 of office equipment on credit. d. The company received $2,095 cash as fees for services provided to a customer e. The company paid $9,816 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $3,763 as fees for services provided. g. The company paid $525 cash for the monthly rent h. The company collected $1,580 cash as partial payment for the account receivable created in transaction f L The company paid $800 cash in dividends to the owner (sole shareholder) Prepare the Trial Balance. SPADE COMPANY Trial Balance May 31, 2017 Debit Credit Prev of 1Next

Explanation / Answer

Solution:

SPADE COMPANY

Trial Balance

May 31, 2017

Debit

Credit

Cash (17,750 - Office Supplies Purchase 515 + 2095 - 9816 - Rent Paid 525 + AR Collected 1580 - Dividend Paid 800)

$9,769

Accounts Receivable (3763 - 1580)

$2,183

Supplies

$515

Office Equipment

$9,816

Accounts Payable

Owners Capital, Kacy Spade

$17,750

Dividend

$800

Service Revenue (2095 + 3763)

$5,858

Rent Expense

$525

$23,608

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