Question

a. Kacy Spade, owner, invested $19,250 cash in the company in exchange for common stock. b. The company purchased office supplies for $558 cash. C. The company purchased $10,645 of office equipment on credit. d. The company received $2,272 cash as fees for services provided to a customer. e. The company paid $10,645 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $4,081 as fees for services provided. g. The company paid $520 cash for the monthly rent. h. The company collected $1,714 cash as partial payment for the account receivable created in transaction f. 1. The company paid a $1,000 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 Cash Common stock Office supplies Office equipment Accounts payable Accounts receivable Fees earned Rent expense Dividends wwwwwwwwwwwwww Totals $ 1,000 $ 0

Answer 1

Credits Debit S 10,513 19,250 Spade Company Trial balance as on 31st May : Particulars Cash (19250-558-2272-10645-520-1714-1000) Common Stock Office supplies Office equipment Accounts Payable Accounts Receivable (4081-1714) Fee earned (2272-4081) Rent expense Dividends Total 558 10,645 2,367 6,353 520 1,000 25,603 25,603