Falcon Services was organized on May 1, 2015. The company received a contribution of $2,000 from each of the two principal owners. During the month, Falcon Services provided services for cash of $1,400 and services on account for $600, received $350 from customers in payment of their accounts, purchased supplies on account for
$800 and equipment on account for $1,050, received a utility bill for $150 that will not be paid until June, and paid the full amount due on the equipment.
REQUIRED: Show your work to determine the company's Cash balance on May 31, 2015.

Question

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The Answer of Falcon Services was organized on May 1, 2015. The company received a contribution of $2,000 from each of the two principal owners. During the month, Falcon Services provided services for cash of $1,400 and services on account for $600, received $350 from customers in payment of their accounts, purchased supplies on account for
$800 and equipment on account for $1,050, received a utility bill for $150 that will not be paid until June, and paid the full amount due on the equipment.
REQUIRED: Show your work to determine the company's Cash balance on May 31, 2015.

Falcon Services Was Organized on May 1, 2015