Question
Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:
Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books: Andrea invested $14,600 cash in the business in exchange for common stock. Andrea contributed $31,000 of photography equipment to the business. The company paid $3,200 cash for an insurance policy covering the next 24 months. The company received $6,800 cash for services provided during January. The company purchased $7,300 of office equipment on credit. The company provided $3,850 of services to customers on account. The company paid cash of $2,600 for monthly rent. The company paid $4,200 on the office equipment purchased in transaction #5 above. Paid $385 cash for January utilities. Based on this information, the balance in the cash account at the end of January would be: Multiple Choice $14,865. $22,000. $17,450. $11,015. $55,750.
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