The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $14,250 cash in the company. b. The company purchased office supplies for $413 cash. c. The company purchased $7,880 of office equipment on credit. d. The company received $1,682 cash as fees for services provided to a çustomer. e. The company paid $7,880 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,021 as fees for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,269 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $1,000 cash from the company for personal use.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The transactions of Spade Company appear below.
a. Kacy Spade, owner, invested $14,250 cash in the company.
b. The company purchased office supplies for $413 cash.
c. The company purchased $7,880 of office equipment on credit.
d. The company received $1,682 cash as fees for services provided to a çustomer.
e. The company paid $7,880 cash to settle the payable for the office equipment purchased in transaction c.
f. The company billed a customer $3,021 as fees for services provided.
g. The company paid $515 cash for the monthly rent.
h. The company collected $1,269 cash as partial payment for the account receivable created in transaction f.
i. Kacy Spade withdrew $1,000 cash from the company for personal use.
Transcribed Image Text:The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $14,250 cash in the company. b. The company purchased office supplies for $413 cash. c. The company purchased $7,880 of office equipment on credit. d. The company received $1,682 cash as fees for services provided to a çustomer. e. The company paid $7,880 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,021 as fees for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,269 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $1,000 cash from the company for personal use.
Prepare the Trial Balance. Use May 31 as its report date.
SPADE COMPANY
Trial Balance
May 31
Debit
Credit
Cash
Accounts receivable
Office supplies
Office equipment
Accounts payable
K. Spade, Capital
K. Spade, Withdrawals
Fees earned
Rent expense
Totals
0 $
%24
Transcribed Image Text:Prepare the Trial Balance. Use May 31 as its report date. SPADE COMPANY Trial Balance May 31 Debit Credit Cash Accounts receivable Office supplies Office equipment Accounts payable K. Spade, Capital K. Spade, Withdrawals Fees earned Rent expense Totals 0 $ %24
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