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:

1. Andrea invested $15,000 cash in the business in exchange for common stock.
2. Andrea contributed $35,000 of photography equipment to the business.
3. The company paid $3,600 cash for an insurance policy covering the next 24 months.
4. The company received $7,200 cash for services provided during January.
5. The company purchased $7,700 of office equipment on credit.
6. The company provided $4,250 of services to customers on account.
7. The company paid cash of $3,000 for monthly rent.
8. The company paid $4,600 on the office equipment purchased in transaction #5 above.
9. Paid $425 cash for January utilities.

Based on this information, the balance in the cash account at the end of January would be:

Multiple Choice

• $18,250.

• $10,575.

• $14,825.

• $23,200.

• $60,950.