These transactions were completed by the art gallery opened by Zed Bennett.
A.Bennett started the gallery,Artery,by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock.
B.Purchased $70 of office supplies on credit.
C.Paid $1,200 cash for the receptionist's salary.
D.Sold a painting for an artist and collected a $4,500 cash commission on the sale.
E.Completed an art appraisal and billed the client $200.
What was the balance of the cash account after these transactions were posted?
A) $12,230
B) $12,430
C) $43,300
D) $43,430
E) $61,430
Correct Answer:
Verified
Q81: Double-entry accounting is an accounting system:
A)That records
Q82: An asset created by prepayment of an
Q84: Which of the following formulas can be
Q88: During the month of February, Hoffer Company
Q90: The following transactions occurred during July:
A.Received $900
Q91: Robert Haddon contributed $70,000 in cash
Q94: Rocky Industries received its telephone bill in
Q95: Which of the following is a true
Q97: A company has total liabilities of $550
Q98: Of the following accounts,the one that normally
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents