[The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. K. Spade, owner, invested $19,250 cash in the company.b. The company purchased supplies for $558 cash.c. The company purchased $10,645 of equipment on credit.d. The company received $2,272 cash for services provided to a customer.e. The company paid $10,645 cash to settle the payable for the equipment purchased in transaction c.f. The company,billed a customer $4,081 for services provided.g. The company paid $515 cash for the monthly rent.h. The company collected $1,714 cash as partial payment for the account receivable created in transaction f.I. K. Spade withdrew $1,100 cash from the company for personal use.Prepare the Trial Balance. Use May 31 as its report date.SPADE COMPANYTrial BalanceMay 31DebitCredit Prepare the Trial Balance. Use May 31 as its report date.TotalsSPADE COMPANYTrial BalanceMay 31DebitCreditFEPA

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Description: [The following information applies to the questions displayed below.]The transactions of Spade Company appear below.a. K. Spade, owner, invested $19,250 cash in the company.b. The company purchased supplies for $558 cash.c. The company purchased $10

Trial balance is the summary of all general ledger accounts being used in business. Under this,…

Answered: Prepare the Trial Balance. Use May 31…

Business

Accounting

Prepare the Trial Balance. Use May 31 as its report date. SPADE COMPANY Trial Balance May 31 Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Listed below are selected transactions of Riverbed Department Store for the current year ending December 31. 1. 2. 3. 4. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. During December, cash sales totaled $823,200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $115,700. The trucks were purchased in a state that applies a 5% sales tax. The store sold 29 gift cards for $100 per card. At year-end, 24 of the gift cards are redeemed. Riverbed expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each…
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