Question: please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation. QUESTION: The transactions of
please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation. QUESTION:
The transactions of Spade Company appear below.
- K. Spade, owner, invested $100,750 cash in the company in exchange for common stock.
- The company purchased supplies for $1,250 cash.
- The company purchased $10,050 of equipment on credit.
- The company received $15,500 cash for services provided to a customer.
- The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c.
- The company billed a customer $2,700 for services provided.
- The company paid $1,225 cash for the monthly rent.
- The company collected $1,125 cash as partial payment for the account receivable created in transaction f.
- The company paid a $10,000 cash dividend to the owner (sole shareholder).
Prepare the Trial Balance. Use May 31 as its report date.
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