Which of the following reports a company's results of operations?

Balance sheet

Statement of owners equity

Adjusted trial balance

Income statement

A business pays $500 cash for supplies. Which account is credited?

Cash

Accounts payable

Supplies

Service revenue

The following entries were made by the accountant of Patel Pastries during its first month of operation:

1. James Patel, the owner, deposited $3,000 in the business's new checking account.

2. Patel Pastries paid the first month's rent of $400 in cash.

3. Patel Pastries purchased equipment by signing a note payable of $11,000.

4. Cash sales for the month were $4,500.

5. Patel Pastries purchased cooking supplies for $1,400 cash.

After the accountant posts these entries to the general ledger, what is the balance in the Cash account?

$7,500

$7,100

$5,700

$16,700