Question
Production Inc. was founded on July 1, X5. Below are the company's first operations that took place in July: Initial investment of $ 50,000 when
Production Inc. was founded on July 1, X5. Below are the company's first operations that took place in July: Initial investment of $ 50,000 when the business is incorporated. The founders of the company receive ordinary voting shares. Cash purchase of equipment at a total cost of $ 11,000. Purchase of merchandise inventory on credit at a cost of $ 5,000. Payment of $ 3,000 in partial settlement of the account payable on the purchase of goods (see transaction c). Cash purchase of office supplies at a cost of $ 500. Obtaining a loan from a bank. The amount received of $ 25,000 will have to be repaid within one year. What amount will appear in the Cash account at the SF de Production Inc. on July 31, X5, i.e. after the above transactions have been recorded (transactions a to f)?
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