Question

Chapter 2 Exercises i Saved The transactions of Spade Company appear below. 1.42 points a. Kacy Spade, owner, invested $11,000 cash in the company in exchange for common stock. b. The company purchased office supplies for $319 cash. c. The company purchased $6,083 of office equipment on credit. d. The company received $1,298 cash as fees for services provided to a customer. e. The company paid $6,083 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,332 as fees for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $979 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). eBook Hint Prepare the Trial Balance. Use May 31 as its report date Print Credit SPADE COMPANY Trial Balance May 31 Debit $ 11,000 975 319 6,083 Cash Accounts receivable Office supplies Office equipment Accounts payable Common stock Dividends Fees earned Rent expense 1,000 530 Totals $ 19,907 $ 0

Answer 1

Spade Company
Trial Balance
Cash	$         5,345
Office supplies	$             319
Office equipment	$         6,083
Accounts receivables	$         1,353
Accounts payable		0
Common stock		$ 11,000
Dividends	$         1,000
Fees earned		$    3,630
Rent expense	$             530
	$       14,630	$ 14,630
Workings:
Cash Account
a	$       11,000	b	$        319
d	$         1,298	e	$    6,083
h	$             979	g	$        530
		i	$    1,000
Total	$       13,277		$    7,932
Balance	$         5,345
Accounts Receivable account
f.	$         2,332	h	$        979
Total	$         2,332		$        979
Balance	$         1,353
Accounts payable account
e.	$         6,083	c.	$    6,083
Total	$         6,083		$    6,083
Balance	0