Question

5 The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $11,250 cash in the company in exchange for common stock b. The company purchased office supplies for $326 cash e. The company purchased $6,221 of office equipment on credit. d. The company received $1,328 cash as fees for services provided to a customer e. The company paid $6,221 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a c g. The company paid $520 cash for the monthly rent. h. The company collected $1,002 cash as partial payment for the account receivable created in transaction f L. The company paid a $1.100 cash dividend to the owner (sole shareholder) r $2,385 as fees for services provided Prepare the Trial Balance. Use May 31 as its report date. Trial Balance 1.100

Answer 1

SPADE COMPANY
TRIAL BALANCE
31-May
				INDIVIDUAL ENTRIES
ACCOUNTS TITLE	DEBIT $	CREDIT $		a	b	c	d	e	f	g	h	i
Cash	5413			11250	-326		1328	-6221		-520	1002	-1100
Office Supplies	326				326
Accounts Receivable	1383								2385		-1002
Office equipment	6221					6221
Accounts payable		0				-6221		6221
Common Stock		-11250		-11250
Fees earned		-3713					-1328		-2385
Rent expense	520									520
Dividend paid	1100											1100
Total	14963	-14963		0	0	0	0	0	0	0	0	0