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Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $13,750 cash in the company in exchange for common stock. b. The company purchased supplies for $399 cash. c. The company purchased $7,604 of equipment on credit. d. The company received $1,623 cash for services provided to a customer. e. The company paid $7,604 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,915 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,224 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder).

Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $13,750 cash in the company in exchange for common stock. b. The company purchased supplies for $399 cash. c. The company purchased $7,604 of equipment on credit. d. The company received $1,623 cash for services provided to a customer. e. The company paid $7,604 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,915 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,224 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder).

FINANCIAL ACCOUNTING
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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! Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $13,750 cash in the company in exchange for common stock. b. The company purchased supplies for $399 cash. c. The company purchased $7,604 of equipment on credit. d. The company received $1,623 cash for services provided to a customer. e. The company paid $7,604 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,915 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,224 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder).
Transcribed Image Text:! Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $13,750 cash in the company in exchange for common stock. b. The company purchased supplies for $399 cash. c. The company purchased $7,604 of equipment on credit. d. The company received $1,623 cash for services provided to a customer. e. The company paid $7,604 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,915 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,224 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,100 cash dividend to the owner (sole shareholder).
Exercise 2-14 (Algo) Preparing a trial balance LO P1 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 receivable Supplies Equipment Accounts payable Common stock Dividends Services revenue Rent expense Totals SPADE COMPANY Trial Balance May 31 Debit 0 Credit 0 0
Transcribed Image Text:Exercise 2-14 (Algo) Preparing a trial balance LO P1 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 receivable Supplies Equipment Accounts payable Common stock Dividends Services revenue Rent expense Totals SPADE COMPANY Trial Balance May 31 Debit 0 Credit 0 0
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