38-40

38. Zed Hong opened an art gallery and as a dealer completed these transactions: Started the gallery, Artery, by investing RM40,000.00 cash and equipment valued at RM18,000.00. Purchased RM70.00 of office supplies on credit. Paid RM1,200.00 cash for the receptionist's salary. Sold a painting for an artist and collected a RM4,500.00 cash commission on the sale. Completed an art appraisal and billed the client RM200.00 What was the balance of the cash account after these transactions were posted? A. RM12,230.00 B. RM12,430.00 C. RM43,300.00 D. RM43,430.00 E. RM61,430.00 39. At the beginning of January of the current year, Tania Law Center's ledger reflected a normal balance of RM52,000.00 for accounts receivable. During January, the company collected RM14,800.00 from customers on account and provided additional services to customers on account totaling RM12,500.00. Additionally, during January one customer paid Tania RM5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be: A. RM54,700.00 B. RM49,700.00 C. RM2,300.00 D. RM54,300.00 E. RM49,300.00 40. During the month of March, Khaliz Computer Services made purchases on account totaling RM43,500.00 Also during the month of March, Khaliz was paid RM8,000.00 by a customer for services to be provided in the future and paid RM36,900.00 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was RM77,300.00, what is the balance in accounts payable at the end of March? A. RM83,900.00 B. RM91,900.00 C. RM6,600.00 D. RM75,900.00 E. RM4,900.00