Question

CH2 Accounting for Business Transactions (HW) 0 Saved Help Save & Exit Submit Check my work The transactions of Spade Company appear below. points a. Kacy Spade, owner, invested $17,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $508 cash. c. The company purchased $9,678 of office equipment on credit. d. The company received $2,065 cash as fees for services provided to a customer. e. The company paid $9,678 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $3,710 as fees for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,558 cash as partial payment for the account receivable created in transaction f. i. The company paid a $800 cash dividend to the owner (sole shareholder). eBook Print Prepare the Trial Balance. Use May 31 as its report date. References SPADE COMPANY Trial Balance May 31 Debit Credit 508 ,678 9 Cash Office supplies Office equipment Accounts receivable Accounts payable Fees earned Rent expense 530 Dividends 800 Totals 11,516 $ 0

Answer 1

Solution

SPADE COMPANY
Trial balance
May 31, 2017
	Debit	Credit
Cash	$    9,607.00
Accounts receivables	$    2,152.00
Office supplies	$       508.00
Office equipment	$    9,678.00
Rent expense	$       530.00
Service revenue		$    5,775.00
Accounts Payable		$                 -
Drawings	$       800.00
Common stock		$ 17,500.00
	$ 23,275.00	$ 23,275.00

Working

Transaction	Cash	Accounts receivables	Office supplies	Office equipment	Rent expense	Service revenue	Accounts Payable	Drawings	Common stock
a	$ 17,500.00								$ 17,500.00
b	$      (508.00)		$ 508.00
c				$ 9,678.00			$   9,678.00
d	$    2,065.00					$    2,065.00
e	$ (9,678.00)						$(9,678.00)
f		$      3,710.00				$    3,710.00
g	$      (530.00)				$       530.00
h	$    1,558.00	$   (1,558.00)
i	$      (800.00)							$     800.00
TOTALS	$    9,607.00	$      2,152.00	$ 508.00	$ 9,678.00	$       530.00	$    5,775.00	$                -	$     800.00	$ 17,500.00