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solniwko [45]
2 years ago
6

The transactions of Spade Company appear below. Kacy Spade, owner, invested $12,500 cash in the company in exchange for common s

tock. The company purchased office supplies for $363 cash. The company purchased $6,913 of office equipment on credit. The company received $1,475 cash as fees for services provided to a customer. The company paid $6,913 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $2,650 as fees for services provided. The company paid $520 cash for the monthly rent. The company collected $1,113 cash as partial payment for the account receivable created in transaction f. The company paid $1,100 cash in dividends to the owner (sole shareholder).
Prepare the Trial Balance.
Business
1 answer:
horrorfan [7]2 years ago
5 0

Answer:

Debits of trial balance = Credits of trial balance.

Explanation:

1. Dr Cash 12500

        Cr  Capital      12500

2.Dr Office supplies 363

        Cr  Cash                363

3.Dr Office equipment  6913

        Cr Accounts payable    6913

4. Dr Cash   1475

         Cr  Service revenue   1475

5. Dr Accounts payable 6913

        Cr Cash                       6913

6. Dr Account receivable 2650

        Cr  Service revenue        2650

7. Dr Rent expense  520

       Cr Cash                  520

8. Dr Cash  1113

       Cr    Account receivable 1113

9.a) Dr Retained Earning 1100

           Cr Dividend payable      1100

 b) Dr Dividend payable  1100

          Cr    Cash                      1100

Ledgers:

Cash=12500-363+1475-6913-520+1113-1100= Dr 6192

Office Supplies = Dr 363

Office equipment = Dr 6913

Capital = Cr 12500

Accounts payable = 6913-6913=0

Service revenue = 1475+2650= Cr 4125

Rent expense = Dr 520

Account receivable = 2650-1113= Dr 1537

Retained earning = Dr 1100

Dividend payable =1100-1100=0

                                                Trial Balance

       _Dr________________________________________Cr_____

                 6192 cash                              -----            12500  Capital

                 363  Office supplies              -----          4125 Service revenue

                6913 Office equipment          -----        

                520 Rent expense               ------

               1537 Account receivable

                1100 Retained earning

           Total =       16625                         ------           Total =   16625

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Investment consultants check that the portfolio manager's performance was based on skill investing in the agreed-upon stocks or sectors

Explanation:

because it is

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The evaluation process of creative outputs is usually subjective; the advertising or brand manager relies on qualitative conside
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Answer:

true

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Re-Up Enterprises has sales of $926,355, costs of goods sold of $613,500, inventory of $189,880, and accounts receivable of $78,
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Answer:

=112.785

Explanation:

Average days in inventory is financial ratio that shows the average number of days a company takes to turn its inventory.

The formula for calculating the average days in inventory is as below.

Days in inventory = Average inventory /cost of goods sold x 365

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6 0
2 years ago
The derived demand for an input will rise when it is highly productive in ______. Multiple select question. increasing the costs
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Answer:

Tt is highly productive in reducing the costs to produce a product.

 it is highly productive in producing a highly valued commodity.

Explanation:

A product has derived demand If its demand is dependent on the demand for other products.

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At the beginning of 2021, Terra Lumber Company purchased a timber tract from Boise Cantor for $2,950,000. After the timber is cl
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depletion of the timber tract = $228,000 and

depreciation of the logging roads = $22,800

Explanation:

Timber tract

Depletion rate = (Cost - Residual Value) ÷ Estimated units

                        = ($2,950,000 - $670,000) ÷ 5,700,000

                        = $0.40

Depletion expense = Units used x Depletion rate

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Logging Roads

Depreciation rate  = (Cost - Residual Value) ÷ Estimated units

                               = ($228,000 - $0) ÷ 5,700,000

                               = $0.04

Depreciation expense = Units used x Depreciation rate

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