S. Determine the balance in the cash account for the cnd of May using the (Hint use a T" account") 110 points) Answer May 1 beginning cash balances: $2,700 May 2d cash received in payment of accounts roccivable $37,200 May 12 paid salary expense of $23,500 May 15 paid rent expense $5,000 May 24 May 26 paid salary expense of 14,250 cash reccived in paymcnt of accounts recivable $38,300 Chapter 3 Multiple Choice and True False Questions 1. Which of the following accounts is increased with a debit? A. Consulting Revenue B. Supplies Expense C. Accounts Payable D. Common Stock 2. Which of the following is increased with a credit? A. Salaries Expense B. Prepaid Rent C. Dividends D. Salaries Payable 3. It Co. began the accounting period with a $14,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $44,000 and collected $50,000. The accounts receivable account at the end of the accounting period would be: (hint use a "T" account) A. $38,000 B. S 8,000 C. $20,000 D. $50,000