Question

The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $18,000 cash in the company. b. The company purchased office supplies for $522 cash. c. The company purchased $9,954 of office equipment on credit. d. The company received $2,124 cash as fees for services provided to a customer. paid $ hed ransacion c f. The company billed a customer $3,816 as fees for services provided. g. The company paid $530 cash for the monthly rent. h. The company collected $1,603 cash as partial payment for the account receivable created in transaction f i. Kacy Spade, withdrew $1,200 cash from the company for personal use.

Answer 1

Solution

SPADE COMPANY
Trial balance
May 31, 2017
	Debit	Credit
Cash	$    9,521.00
Accounts receivables	$    2,213.00
Office supplies	$       522.00
Office equipment	$    9,954.00
Rent expense	$       530.00
Service revenue		$      5,940.00
Accounts Payable		$                   -
Drawings	$    1,200.00
Common stock		$    18,000.00
	$ 23,940.00	$    23,940.00

Working

Transaction	Cash	Accounts receivables	Office supplies	Office equipment	Rent expense	Service revenue	Accounts Payable	Drawings	Common stock
a	$ 18,000.00								$ 18,000.00
b	$     (522.00)		$ 522.00
c				$ 9,954.00			$   9,954.00
d	$    2,124.00					$ 2,124.00
e	$ (9,954.00)						$(9,954.00)
f		$   3,816.00				$ 3,816.00
g	$     (530.00)				$       530.00
h	$    1,603.00	$ (1,603.00)
i	$ (1,200.00)							$ 1,200.00
Total	$    9,521.00	$   2,213.00	$ 522.00	$ 9,954.00	$       530.00	$ 5,940.00	$                -	$ 1,200.00	$ 18,000.00