Question

The following transactions occurred during July: Received $900 cash for services performed during July. Received $5,350 cash from the issuance of common stock to owners. Received $450 from a customer as payment for services performed during June. Billed $3,650 to customers for services performed on account in July. Borrowed $2,600 from the bank and signed a promissory note. Received $1,150 from a customer for services to be performed during August. As a result of these transactions, what is the amount of the increase to the Cash account

Answer 1

Answer:

The amount of the increase to the Cash account is $10,450

Explanation:

Cash account

Cash  for services performed during July $900

Cash from the issuance of common stock to owners $5350

Cash received from customer as payment for services performed during June $450

Cash Borrowed from bank $2600

Cash received from customer service to be performed during august    $1150

Total sum is Cash account increase of $10,450

Answer 2

Answer:

The amount of the increase to the Cash account is $10,450

Explanation:

In order to calculate the amount of the increase to the Cash account we would have to make the following calculations:

amount of the increase to the Cash account= cash for services performed during July+cash from the issuance of common stock to owners+cash received from customer as payment for services performed during June+Borrow from bank+Received from customer service to be performed during august

amount of the increase to the Cash account= $900 + $5,350 + $450 + $2,600 + $1,150

amount of the increase to the Cash account= $10,450

The amount of the increase to the Cash account is $10,450