Question

Larry Bar opened a frame shop and completed these transactions: Larry started the shop by investing $40,800 cash and equipment valued at $18,800 in exchange for common stock. Purchased $150 of office supplies on credit. Paid $2,000 cash for the receptionist's salary. Sold a custom frame service and collected $5,300 cash on the sale. Completed framing services and billed the client $280. What was the balance of the cash account after these transactions were posted

Answer 1

Answer:

$44,100

Explanation:

Open a Cash Account and find the Balance

Cash Account

Debit :  

Capital                     $40,800

Sales                           $5,300

Credit :

Salary                         $2,000

Balance c/d              $44,100

the balance of the cash account after these transactions were posted is $44,100