Calculating balance of each account-prepare trial balance

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Reference no: EM131266429

After recording the transactions of Exercise 2-9 in T-accounts and calculating the balance of each account, prepare a trial balance. Use May 31, 2015, as its report date using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. After recording the transactions, post them to T-accounts, which serves as the general ledger for this assignment.

a. Kacy Spade, owner, invested $100,750 cash in the company.

b. The company purchased office supplies for $1,250 cash.

c. The company purchased $10,050 of office equipment on credit.

d. The company received $15,500 cash as fees for services provided to a customer.

e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c.

f. The company billed a customer $2,700 as fees 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. Kacy Spade withdrew $10,000 cash from the company for personal use.

Reference no: EM131266429

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