ine transactions or space Company appear below. a. K. Spade, owner, invested $14,250 cash in the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ine transactions or space Company appear below. a. K. Spade, owner, invested $14,250 cash in the company in exchange for common stock. b. The company purchased supplies for $413 cash. c. The company purchased $7,880 of equipment on credit. d. The company received $1,682 cash for services provided to a customer. e. The company paid $7,880 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,021 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,269 cash as partial payment for the account receivable created in transaction f i. The company paid a $800 cash dividend to the owner (sole shareholder). Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.) Accounts payable Totals SPADE COMPANY Trial Balance May 31 Debit $ Credit 0 S t nt ences Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.) Dividends Equipment Rent expense Services revenue Supplies Totals SPADE COMPANY Trial Balance May 31 Debit $ Credit 0 ine transactions or space Company appear below. a. K. Spade, owner, invested $14,250 cash in the company in exchange for common stock. b. The company purchased supplies for $413 cash. c. The company purchased $7,880 of equipment on credit. d. The company received $1,682 cash for services provided to a customer. e. The company paid $7,880 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,021 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,269 cash as partial payment for the account receivable created in transaction f i. The company paid a $800 cash dividend to the owner (sole shareholder). Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.) Accounts payable Totals SPADE COMPANY Trial Balance May 31 Debit $ Credit 0 S t nt ences Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.) Dividends Equipment Rent expense Services revenue Supplies Totals SPADE COMPANY Trial Balance May 31 Debit $ Credit 0
Expert Answer:
Answer rating: 100% (QA)
Heres the completed trial balance for Spade Company as of ... View the full answer
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Posted Date:
Students also viewed these accounting questions
-
1. Stockholders invested $40,000 in the business in exchange for common stock of the company 2. Purchased computers for office use for $30,000 from Ladd on account. 3. Paid $4,000 cash for May rent...
-
A spherical volume of radius 0.2m has a positive charge of 300 C is uniformly distributed throughout it. Find E and V everywhere. Draw a graph of E and V as a function of radius from the center of...
-
(a) LISE ANDERSON, MD Bal Sept. 4 5 7 Accounts Sup- Cash +Receivable plies $3,000 + $1,500 + +800 $600 -800 +2,800 +7,700 -2,900 -800 12 15 -2,800 15 -1,900 15 -275 18 +700 20 -1,000 26 +3,000 29 30...
-
Perez Manufacturing Company began operations on January 1. During the year, it started and completed 1,740 units of product. The financial statements are prepared in accordance with GAAP. The company...
-
Suppose that an individual is risk averse and has to choose between $ 100 with certainty and a risky option with two equally likely outcomes: $ 100 x and $ 100 + x. Use a graph (or math) to show...
-
Study the Minitab residual diagnostic output that follows. Discuss any potential problems with meeting the regression assumptions for this regression analysis based on the residualgraphics. Normal...
-
Figure 1-2 shows that developments in IT affect both an organizations strategy and the design of its AIS. How can a company determine whether it is spending too much, too little, or just enough on...
-
Receivables Management as the manager of the accounts receivable department for Beavis Leather Goods, Ltd., you recently noticed that Kelly Collins, your accounts receivable clerk who is paid $1,200...
-
CVP Analysis and Margin of Safety Units sold 1,000 Price $10 Sales $10,000 Variable manufacturing costs 4,000 Fixed manufacturing costs 2,000 Variable selling costs 1,000 Fixed administrative costs...
-
a. Prepare a UML class diagram with classes, associations, and multiplicities. b. Using the preceding information and the following attributes list, prepare a listing of the relational tables...
-
Greens Enterprise is contemplating the most feasible method of obtaining financing. It was proposed that the entity should issue a four-year convertible loan note. The loan note will have a nominal...
-
Royal International Bank (RIB) charges an interest rate of 1.25% per month on loans to its customers. Like all lenders, RIB must report an annual percentage rate (APR) to customers. What should the...
-
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2024-2026. At December 31, 2023, the corporation's accounts included: ($ in...
-
calculate the compound amount an d compound interest (in $) for the investment. (Round your answers to the nearest cent.) Principal Time Period (years) Nominal Rate (%) Interest Compounded Compound...
-
where Hn Define yn = Hn -In(n). The limit lim (H-ln(n)) = y is known as the Euler-Mascheroni constant 14x 72 is the n-th harmonic number. Show the sequence converges by using three steps: (a) Show...
-
Identify and discuss five (5) major disaster risk drivers that contribute to the occurrence of disasters in Botswana. Cite concrete and practical examples
-
1. How many bytes of memory are required to store a variable with the following data types on the Arduino microcontroller? a. int b. unsigned int c. byte d. float e. nibble (in bits) 2. To delete a...
-
Stephen Schor, an accountant in New York City, advised his client, Andre Romanelli, Inc., to open an account at J. P. Morgan Chase Bank, N.A., to obtain a favorable interest rate on a line of credit....
-
Cottonwood Equipment Company had credit sales of $7 million during 20X0. Most customers paid promptly (within 30 days), but a few took longer; an average of 1.1% of credit sales were never paid. On...
-
Why are companies with heavy debt in relation to ownership capital in greater danger when business conditions deteriorate?
-
Use the information for Gamma Company in Exercise 3-29. In Exercise 3-29 Gamma Company had total assets (cash and inventories) of $50,000, total liabilities of $30,000, and stockholders equity of...
-
Consider a publicly held company whose products you are familiar with. Some examples might include: Access the companys public website and search for its most recent annual report. (Some companies...
-
The 2014 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C of this book. LVMH is a Paris-based holding company and one of the worlds largest and best-known...
-
What is the purpose of the materials requisition?
Study smarter with the SolutionInn App