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Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed: I. Lori invested $35,000 in
Lori Nichols started an engineering firm, Engineering Enterprises P.C. During its first month of operations, the following transactions were completed: I. Lori invested $35,000 in the business, which in turn issued common stock to her Il. The business purchased equipment on account for $10,000. IIl. The business provided engineering services on account, $13,000. IV. The business paid salaries to the receptionist, $4000. V. The business received cash from a customer as payment on account $11,000. VI. The business borrowed $44,000 from the bank, issuing a note payable. At the end of the month, cash equals: Select one: A. $55,000 B. $86,000. C. $44,000. D. $35,000
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