A brand new business had the following transactions (in this order): 1. The business received $7000 cash from the owner of the business. The business gave capital to the owner 2. Paid the first month's rent of $900. 3. Purchased equipment by paying $3000 cash and executing a note payable for $8000. Purchased office supplies for $730 cash. 5. Billed a client for $12,000 of design services completed. 6. Received $7500 on account for the services previously recorded. What is the Cash balance after these transactions? 512870 $11.500 59870 $10.770