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In the first month of operations for Gallow Industries, the total of the debit entries to the cash account amounted to $36,000 ($16,000 investment by
In the first month of operations for Gallow Industries, the total of the debit entries to the cash account amounted to $36,000 ($16,000 investment by stockholders and revenues of $20,000). The total of the credit entries to the cash account amounted to $22,000 (purchase of equipment $8,000 and payment of expenses $14,000). At the end of the month, the cash account has a(n): a. $14,000 debit balance. b. $14,000 credit balance. c. $6,000 debit balance. d. $6,000 credit balance.
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