The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,250 cash in the company. b. The company purchased office supplies for $297 cash. c. The company purchased $5,668 of office equipment on credit. d. The company received $1,210 cash as fees for services provided to a customer. e. The company paid $5,668 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $2,173 as fees for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $913 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $900 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 Credit
The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,250 cash in the company. b. The company purchased office supplies for $297 cash. c. The company purchased $5,668 of office equipment on credit. d. The company received $1,210 cash as fees for services provided to a customer. e. The company paid $5,668 cash to settle the payable for the office equipment purchased in transaction c f. The company billed a customer $2,173 as fees for services provided. g. The company paid $525 cash for the monthly rent. h. The company collected $913 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $900 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 Credit
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 2PA: To demonstrate the difference between cash account activity and accrual basis profits (net income),...
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