Question: please as fast as possible, typed not handwritten Question 1 The transactions of Spade Company for the month of May, 2022 are given below: a.
Question 1 The transactions of Spade Company for the month of May, 2022 are given below: a. K. Spade, owner, invested $100,750 cash in the company. b. The company purchased supplies for $1,250 cash. c. The company purchased $10,050 of equipment on credit. d. The company received $15,500 cash for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,700 for services provided. g. The company paid $1,225 cash for the monthly rent. h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $10,000 cash from the company for personal use. 1) Prepare general journal entries to record the transactions of Spade Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Services Revenue; and Rent Expense. 2) Post entries to T-accounts 3) Prepare the Trial Balance. Use May 31 as its report date. (23 Marks)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
