Question

choices for each line are: accounts payable, accounts recievable, cash, common stock, dividends, fees earned, office equipment, office supplies, rent expense

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 custor e. The company paid $9,678 cash to settle the payable for the office equipmen purchased in transaction c. f. The company billed a customer $3,710 as fees for services provided. g. The company paid $525 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 $800 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. SPADE COMPANY Trial Balance May 31 Debit Credit Totals 2$ < Prev 10 of 11 Next >

Answer 1

Notes for understanding:

SPADE COMPANY Trial Balance May-31 Credit |Computation (=9678-9678) Debit Dr/Cr Accounts Payable Accounts Receivable $ 2,152.00 $ Cr (=3710-1558) |(=17500-508+2065-9678-525+1558-800) Dr $ 9,612.00 $ Cash Dr - $ 17,500.00 (=17500) (=800) $ 5,775.00 |(=2065+3710) (=9678) |(=508) (=525) $ 23,275.00 $ 23,275.00 Common Stock Cr 800.00 $ Dividends Dr Fees Earned Office Equipment Office Supplies Rent Expense Cr $ 9,678.00 $ Dr 2$ 508.00 $ Dr 525.00 $ Dr Totals

1. Be careful while reading the figures
2. The calculation for deriving at the closing balance are provided in brackets. All the calculations are done in the sequence provided in the question.
3. The debit or credit balance for calculation of every account is also separately mentioned.