The transactions of Spade Company: a. Kacy Spade, owner, invested $14,250 cash i

Question

The transactions of Spade Company:

a. Kacy Spade, owner, invested $14,250 cash in the company.

b. The company purchased office supplies for $413 cash.

c. The company purchased $7,880 of office equipment on credit.

d. The company received $1,682 cash as fees for services provided to a customer.

e. The company paid $7,880 cash to settle the payable for the office equipment purchased in transaction c.

f. The company billed a customer $3,021 as fees for services provided.

g. The company paid $525 cash for the monthly rent.

h. The company collected $1,269 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. (The items in the Trial Balance should be grouped as follows:Assets, Liabilities, Equity, Revenues, and Expenses.)

Explanation / Answer

Trial Balance Calculations Debit Credit Cash 7383 =14250-413+1682-7880-525+1269-1000 Accounts Receivable 1752 =3021-1269 Office Supplies 413 Office Equipment 7880 Accounts Payable 0 K. Spade, Capital 14250 K. Spade, Withdrawals 1000 Fees earned 4703 =1682+3021 Rent expense 525 Totals 18953 18953

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