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At December 31, 2015, the accounting records of Manziel, Inc. reflected the following: Accounts Payable $10,100 Accounts Receivable $8,450 Retained Earnings 5,830 Supplies 1,350 Building

At December 31, 2015, the accounting records of Manziel, Inc. reflected the following:

Accounts Payable

$10,100

Accounts Receivable

$8,450

Retained Earnings

5,830

Supplies

1,350

Building

25,950

Cash

21,420

Notes Payable, due Jan 2019

11,240

Common Stock

30,000

During January 2016, the following transactions occurred:

Jan 2 Collected $2,650 in cash from customers on account.

Jan 8 Paid creditors $2,500 of what was owed on account.

Jan 10 Received $2,000 cash from customers for services rendered.

Jan 19 Received $1,250 for services to be performed in March.

Jan 25 Billed customers for $3,000 of services rendered.

Jan 30 Declared and paid a cash dividend of $500.

Jan 30 Paid employee wages for the month of $2,100.

Jan 30 Supplies on hand at the end of the month amount to $1,000.

Using the information from above...

Determine the balance in the Cash account on January 31, 2016 is:

A.

$22,220

B.

$25,220

C.

$20,720

D.

$24,220

E.

$26,720

Please slect the correct letter choice as the answer.

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