The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,000 cash in the company in exchange for common stock. b. The company purchased supplies for $551 cash. c. The company purchased $10,507 of equipment on credit. d. The company received $2,242 cash for services provided to a customer. e. The company paid $10,507 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,028 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,692 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,000 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues an expenses.
The transactions of Spade Company appear below. a. K. Spade, owner, invested $19,000 cash in the company in exchange for common stock. b. The company purchased supplies for $551 cash. c. The company purchased $10,507 of equipment on credit. d. The company received $2,242 cash for services provided to a customer. e. The company paid $10,507 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $4,028 for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $1,692 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,000 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues an expenses.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The transactions of Spade Company appear below.
a. K. Spade, owner, invested $19,000 cash in the company in exchange for common stock.
b. The company purchased supplies for $551 cash.
c. The company purchased $10,507 of equipment on credit.
d. The company received $2,242 cash for services provided to a customer.
e. The company paid $10,507 cash to settle the payable for the equipment purchased in transaction c.
f. The company billed a customer $4,028 for services provided.
g. The company paid $525 cash for the monthly rent.
h. The company collected $1,692 cash as partial payment for the account receivable created in transaction f.
i. The company paid a $1,000 cash dividend to the owner (sole shareholder).
Prepare the Trial Balance. Use May 31 as its report date.
Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and
expenses.
Cash
Accounts payable
SPADE COMPANY
Trial Balance
May 31
Debit
$
Credit
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8787bdd5-e653-40dc-a543-3669721e3579%2F6912e34a-e6f2-4ad9-8432-a1fee854edcc%2Fi5h6hob_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The transactions of Spade Company appear below.
a. K. Spade, owner, invested $19,000 cash in the company in exchange for common stock.
b. The company purchased supplies for $551 cash.
c. The company purchased $10,507 of equipment on credit.
d. The company received $2,242 cash for services provided to a customer.
e. The company paid $10,507 cash to settle the payable for the equipment purchased in transaction c.
f. The company billed a customer $4,028 for services provided.
g. The company paid $525 cash for the monthly rent.
h. The company collected $1,692 cash as partial payment for the account receivable created in transaction f.
i. The company paid a $1,000 cash dividend to the owner (sole shareholder).
Prepare the Trial Balance. Use May 31 as its report date.
Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and
expenses.
Cash
Accounts payable
SPADE COMPANY
Trial Balance
May 31
Debit
$
Credit
0
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