Question
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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