Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 $13,600 cash in the business in exchange for common stock.
- Andrea contributed $21,000 of photography equipment to the business.
- The company paid $2,200 cash for an insurance policy covering the next 24 months.
- The company received $5,800 cash for services provided during January.
- The company purchased $6,300 of office equipment on credit.
- The company provided $2,850 of services to customers on account.
- The company paid cash of $1,600 for monthly rent.
- The company paid $3,200 on the office equipment purchased in transaction #5 above.
- Paid $285 cash for January utilities.
Based on this information, the balance in the cash account at the end of January would be:
Multiple Choice $42,750. O O $15,450. O O $12,115. O $19,000 $19.000. O $14,965Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started