Question

The transactions of Spade Company appear below. o. Kacy Spade, owner, invested $17,000 cash in the company b. The company purchased office supplies for $493 cash. c. The company purchased $9.401 of office equipment on credit d. The company received $2,006 cash as fees for services provided to a customer e. The company paid $9.401 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $3,604 as fees for services provided. g. The company paid $525 cash for the monthly rent h. The company collected $1,514 cash as partial payment for the account receivable created in transaction f i. Kacy Spade withdrew $1,000 cash from the company for personal use. Prepare the Trial Balance. Use May 31 as its report date. SPADE COMPANY Trial Balance May 31 Debit | $ 9.101 493 P 9 ,401 Credit Cash Office supplies Office equipment Fees earned Accounts receivable Accounts payable Rent expense 525 I 1,000 K Spade. Withdrawals K. Spade, Capital Totals 17.000 17,000 $ 24,040 $

Answer 1

Spade Company Trial Balance May 31

Particulars	Debit	Credit
Cash	$9101
Kacy Spade Capital		$17,000
Office Supplies	$493
Office Equipment	$9,401
Accounts Payable	0	0
Rent Expense	$525
Dividends	$1,000
Fee Earned		$5,610
Accounts Receivable	$2,090
Total	$22,610	$22,610

Explanation ;

Calculation of Cash

$17,000 + $2,006 + $1,514 - $493 - $9,401- $525 - $1,000

=$20,520 - $11,419 = $9,101

2. Fee Earned  

$2,006 + $ 3,604 = $5,610

3.Accounts Receivable

$3,604 - $1,514 = $ 2,090