Question

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $13,500 cash in the company. b. The company purchased office supplies for $392 cash. c. The company purchased $7,466 of office equipment on credit. d. The company received $1,593 cash as fees for services provided to a customer. e. The company paid $7,466 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,862 as fees for services provided. g. The company paid $520 cash for the monthly rent. h. The company collected $1,202 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade, withdrew $1,100 cash from the company for personal use. Prepare the Trial Balance.

Answer 1

Prepare a Trial Balance. SPADE COMPANY Trial Balance Credit Debit $6,817 392 7,466 1,660 Cash Office Supplies Office Equipment Accounts Receivable Accounts Payable K. Spade, Capital K. Spade, Withdrawals Fees Earned Rent Expense $13,500 1,100 4,455 520 Totals $17,955 $17,955

a. Explanation: Cash 13.500 b. 1,593|e. 1,202 g. 392 7,466 520 1,100 Bal. 6,817 Fees Earned 1,593 2,862 4,455 Bal. Accounts Receivable 2,862 h. 1,660 1,202 Bal.

Accounts Payable 7,466 c. 7,466 Bal. b. Bal. Office Supplies 392|| 392 C. Office Equipment 7,466 7,466 Bal. g. Rent Expense 520 5200

K. Spade, Capital 13,500 13,500 Bal. i. K. Spade, Withdrawals 1,100 1,100 Bal.