During February 2016 its first month of operations the owner of Solcist Co. invested cash of $50000. Solcist had cash revenues of $16000 and paid expenses of $21000. Assuming no other transactions impacted the cash account what is the balance in Cash at February 29?
A) $5000 credit
B) $5000 debit
C) $45000 debit
D) $55000 debit

Question

Quizplus · Accepted Answer

Starting cash balance = $50,000
Cash revenues = $16,000
Expenses paid = $21,000
Ending cash balance = $50,000 + $16,000 - $21,000 = $45,000 (debit)

During February 2016 Its First Month of Operations the Owner